Rupee moved in a very thin range as most investors awaited fresh cues for directional momentum -ICICI Direct
Currency Outlook:
Rupee Outlook:
• Rupee moved in a very thin range as most investors awaited fresh cues for directional momentum. The rupee ended at 83.1150 on Thursday against its previous close at 83.1225.
• Rupee is likely to appreciate towards the 83.00 mark on expectation of correction in the dollar. The softer US inflation numbers could force the US Federal Reserve to consider cut the interest rates by 25 bps in March. Meanwhile, higher crude oil prices and outflow of funds from the domestic equity markets would hurt the gain in the rupee. USDINR February is likely to consolidate in between 83.00-83.35. Only above 83.35 it would open the doors towards 83.45. On the other hand a move below 83.00 would weaken towards 82.80 mark.
Euro and Pound Outlook:
• Euro firmed slightly amid correction in the dollar. Meanwhile, weaker economic numbers from Germany checked its upside. EURUSD is likely to rise towards 1.0880 level on expectation of correction in the dollar. Meanwhile, focus will remain on key inflation numbers from the Euro zone and GDP numbers from Germany which may bring more clarity on ECB’s stance on interest rate. EURINR February is most likely to move in the range of 90.20 to 90.70.
• Pound pared its earlier losses on Friday due to the retreat in the dollar. The pair is expected to hold its ground and move towards 1.2760 as better than expected economic numbers would keep BOE to hold the rates higher in first half of the year 2024.. The pair is expected to rise towards 1.2760, as long as it trades above 1.2670. GBPINR is likely to hold the support of 105.30 and move towards 106.20.
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