The Euro moved above the 1 .06 mark amid weakness in the dollar - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee appreciated from its all time lows on Thursday as the US treasury yields fell and the dollar index softened after the Federal reserve left rates unchanged . Further, weaker than expected weekly jobless claims data from US also weighed on the dollar index
• Rupee is expected to hold its ground and appreciate towards 83 .10 on improving risk appetite and softness in the dollar . Further, increasing probability of Fed pause in its December policy would also restrict the upside in the dollar . Meanwhile, investors will focus on key US Non -Farm payroll data due today . USDINR is likely to dip towards 83 .10 , as long as it trades under 83 .40 . Only a move above 83 .40 would rally towards 83 .50 .
Euro and Pound Outlook
• The Euro moved above the 1 .06 mark amid weakness in the dollar . But the weaker economic numbers from the Eurozone restricted its gains . The pair is expected find support near 1 .0590 and move higher towards 1 .0660 amid softness in the dollar and improved risk appetite in the global equities . EURINR is likely to hold the support near 88 .14 and move higher towards 88 .90
. • Pound gained more than 0 .40 % on Thursday after the BOE kept rates at 5 .25 % and emphasized to hold the rates at current levels for longer period . The pair is expected to hold its gains due to softness in the dollar and increasing expectation that the BOE will continues to hold rates amid forecast of higher inflation . GBPUSD is likely to rise towards 1 .2240 , as long as it holds 1 .2140 mark . GBPINR is expected to hold the key support near 101 .20 and inch higher towards 101 .80 levels
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