Rupee is likely to hold its gains today amid softness in the dollar and weakness in crude oil prices - ICICI Direct
![](https://portfolio.investmentguruindia.com/uploads/news/ICICI Direct IMAGE.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Currency Outlook
Rupee Outlook
• Rupee appreciated on Monday and hit almost the 83.00 mark amid ease in dollar and upbeat economic data from India. India’s advanced GDP numbers showed growth of 7.3% in the 2023-24 fiscal year. Additionally, weakness in crude oil prices also supported the rupee to hold its gains.
• Rupee is likely to hold its gains today amid softness in the dollar and weakness in crude oil prices. Further, strong FII inflows and improved trade balance data would support the rupee to edge higher. Meanwhile, restrictive stance by the Atlanta Fed president Bostic to hold the rates higher until the inflation dip to the 2% target would limit more downside the dollar. USDINR may face the hurdle near 83.25 and move towards the support near 82.90 level.
Euro and Pound Outlook
• Euro rose on Monday by 0.08% amid softness in the dollar and improved Eurozone economic Dec economic confidence to an 8-month high. For today, EURUSD is likely to move higher towards 1.0980 levels as long as it stays above 1.0910 levels amid softness in the dollar and forecast of improved German industrial production number. Meanwhile, investors will eye on key unemployment rate numbers from the Eurozone to get more clarity. EURINR may rise towards 91.40 level as long as it trades above 90.80 levels
• Pound is likely to extend its gain towards 1.280 level amid softness in the dollar, improved risk appetite in the global market. Meanwhile, weaker manufacturing growth and less than expected retail sales data would limit any major upside in the pair. GBPINR is likely to move north towards 106 level as long as it stays above 105.40 levels
Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
![](https://portfolio.investmentguruindia.com/uploads/news/jul04v89_Wex0B3E.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/religare broking.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Zomato07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Piyush Goyal07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul04v38_zDiylqc.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Prashant Thakur ANAROCK Group.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul03v152_BhgJWbe.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shrikant Chouhan.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Currency.jpg)
Sell USDINR Mar @ 83 SL 83.1 TGT 82.9-82.8. - Kedia Advisory
![USDINR is trading up on back of stronger USD 83 is strong support and 83.35 is the resistance - Tradebulls Securities Pvt Ltd](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
![The USD/INR futures pair has support at 83.00 levels whereas resistance is placed at 83.30 levels - Monarch Networth Capital Ltd](https://portfolio.investmentguruindia.com/uploads/news/Monarch Networth Capital.jpg)
![SELL JPYINR NOV @ 56.45 SL 56.65 TGT 56.2-56.05 - Kedia Advisory](https://portfolio.investmentguruindia.com/uploads/news/Kedia Currency.jpg)