USDINR is expected to find support near 82.70 - ICICI Direct
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Currency Outlook
Rupee Outlook
* Rupee appreciated on Friday to settle bellow the 83.00 mark on expectation of large inflow of funds into the domestic market after JP Morgan announced to include India’s sovereign bonds to its global EM index.
* USDINR is expected to find support near 82.70 and move back towards 83.10 amid firm dollar and higher crude oil prices. The increasing bets of higher for longer interest rates would help the dollar to regain its strength against the rupee. Further hawkish comments from the Fed members would also support the dollar to hold its gains. USDINR is expected to find support near 82.70 and move towards 83.10
Euro and Pound Outlook
* Euro remained near the lower end of the range amid firm dollar and weaker economic numbers from the Euro zone. Euro could face the resistance near 1.068 and weaken further towards 1.06 amid stronger dollar and expectation of weaker German ifo Business climate. Meanwhile, focus will remain on the ECB president’s speech. EURINR is likely to face the hurdle near 88.80 and weaken towards 88.20.
* The pound hit the lowest level in last six months amid firm dollar and weaker set of economic numbers. The pair is expected to slide towards 1.22 as long as it trades under 1.23. Only close below 1.22 would weaken further towards 1.2150. GBPINR is expected to move towards 101.20, as long as the pair trades below 102.20.
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