The pair is likely to find support near 1.0820 and move higher towards 1.09 - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee lost its strength and settled near 83.24 amid persistent capital outflows from the domestic markets. However, the losses got restricted as RBI continued to prevent the rupee from falling below 83.30
• Rupee is expected to appreciate towards the 83.00 mark amid correction in the dollar and falling crude oil prices. The weaker set of economic numbers from the US could weigh on the dollar. USDINR is likely to move back towards 83.00 mark, as long as it stays under 83.30. Only move below 83.00 it would open the doors towards 82.80.
Euro and Pound Outlook
• The Euro edged higher on Thursday amid weakness in the dollar. The pair is likely to find support near 1.0820 and move higher towards 1.09 amid softness in the dollar. Meanwhile, traders will eye on key inflation numbers from the Euro zone and comments from the ECB President to get more clarity on the future rate path. EURINR is likely to find the floor near 90.00 and move higher towards 90.70.
• Pound scaled back above the 1.24 mark amid correction in the dollar. The pair is expected to rise towards 1.2470 as long as it holds above 1.2370. Expectation of improved retail sales number could support the pair to regain its strength. GBPINR is expected to hold 103.00 and move higher towards 103.80.
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