USDINR is expected remain in the range of 83 .10 -83 .45 -ICICI Direct
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Currency Outlook
Rupee Outlook
* Rupee depreciated past its all time lows at 83 .30 on Monday amid stronger dollar coupled with higher crude oil prices . The rupee settled near 83 .27 against the dollar despite likely help from the RBI as dollar demand driven by higher crude oil prices weighed on the currency
* USDINR is expected to face the hurdle near 83 .45 and move back towards 83 .10 amid softness in dollar . The growing optimism of Fed pause in its next policy could restrict its upside . However, more focus will be on guidance from central banks to get clues on the future rate trajectory .
USDINR is expected remain in the range of 83 .10 -83 .45 . Only a move above 83 .45 would open the doors towards 83 .60 .
Euro and Pound Outlook
* Euro tried to go beyond the 1 .07 mark but failed to capitalise its gains after the downward revisions in the Eurozone CPI . The Euro zone CPI dipped to 5 . 2 %YoY in August . The pair is expected to rise again towards 1 .072 , as long as it holds the support of 1 .0650 . The expectation of higher PPI data from Germany could support the pair to rise above the 1 .072 mark . EURINR is likely to find support near 88 .80 and move higher towards 89 .50 .
* The pound is likely to inch higher towards
1
.2430 on expectation of higher
inflation in the region would force the BOE to remain hawkish
. The pair is
expected to find support near
1
.2360 and move towards
1
.2430
. The,
expectation of 25 bps hike by the BOE in its next policy could support it to
erase some of its losses
. GBPINR is expected to consolidate in the range of
102
.90
-103
.50
.
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