The Euro edged lower on Monday amid recovery in the dollar index - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee appreciated on Monday, but strong US dollar demand from the importers capped its gains. The rupee settled near 83.2150 against its previous close of 83.2850.
• Rupee is expected to depreciate amid recovery in the dollar and US treasury yields. However, increasing probability of pause in rate hike regime by the Federal reserve in its December meeting would limit its downside. Meanwhile, investors will remain cautious ahead of few Fed members speech today, which may bring more clarity in the future rate path. USDINR is likely to consolidate in between 83.10-83.40 in the near term. Only a move below 83.10 it would open the doors towards 82.90
Euro and Pound Outlook
• The Euro edged lower on Monday amid recovery in the dollar index. Earlier the pair rallied amid better than expected Eurozone economic numbers. The pair is expected to dip towards the initial support at 1.0680, on expectation of weaker economic numbers from Eurozone. EURINR is likely to dip towards 88.90, as long as it trades under rise towards 89.60.
• Pound also took a pause in its rally and ended with a loss of 0.28% on Monday amid recovery in the dollar. The pair is expected to weaken towards 1.2280 as long as it trades under 1.2400. However, improved retail sales numbers could limit its downside. GBPINR is expected to slide towards 102.50 as long as it trades under 103.50 levels.
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