USDINR Dec may slip to 83 .35 level as long as its stays below 83 .50 levels - ICICI Direct
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Currency Outlook
Rupee Outlook
* Rupee ended at record closing on Friday tracking weakness in other Asian currencies . Further, rupee slipped on dollar demand from foreign banks
* Rupee is likely to appreciate today amid weak dollar and decline in US treasury yields . Yields are moving south on expectation that US Federal Reserve is done with tightening monetary policy and could start cutting rates by the first half of next year . Additionally, yields are extending their declines on weaker than expected economic data from US . Moreover, investors are cautious ahead of slew of events and data this week that could determine the future path of interest rates globally . USDINR Dec may slip to 83 .35 level as long as its stays below 83 .50 levels
Euro and Pound Outlook
* Euro moved up by 0 .19 % yesterday amid soft dollar and hawkish comments from ECB President Lagarde . She said euro zone inflation pressures are easing but wage growth is still strong, so the ECB's fight to contain price growth is not yet done . For today, EURUSD is likely to rise further towards 1 .100 level as long as it stays above 1 .0920 levels amid weak dollar . Meanwhile, investors will remain cautious ahead of economic data from euro zone and speeches from ECB officials to get more clarity on interest rate outlook . EURINR may rally towards 91 .70 as long as it trades above 91 .15 levels
* Pound is likely to move further north towards 1 .2680 level amid soft dollar and as UK Prime Minister Rishi Sunak announced raft of foreign investments in country . Moreover, BOE Governor Andrew bailey comments signaled that rates could remain higher for longer duration . GBPINR is likely to move higher towards 105 .70 level as long a it stays above 105 .00 levels
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