USDINR is expected to rise towards 83.30, as long as it holds above the 82.80 - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee appreciated back towards 83.10 on Wednesday amid easing crude oil prices and likely dollar sell by the RBI.
• USDINR is expected to rise towards 83.30, as long as it holds above the 82.80 mark amid firm dollar and rise in US treasury yields. The hawkish comments from the US Federal Reserve is going to support the dollar. The Fed’s projection for another 25 bps hike by year-end and two fewer cuts in 2024 has signalled tighter monetary policy through 2024. USDINR is expected to find support near 83.00 and move towards 83.40. Only a move above 83.40 would open the doors towards 83.60.
Euro and Pound Outlook
• Euro pared all its gains and slide towards the lowest level in 3-months amid firm dollar. Earlier, the Euro rallied above the 1.07 mark on signs of strength in the economy after Eurozone car sales and construction output improved to 5-month highs. The pair is likely to remain under pressure amid firm dollar and weaker global risk sentiments. EURINR is likely to face the hurdle near 89.00 and weaken towards 88.20. EURUSD is expected to hit the key support near 1.06 as long as it trades below 1.07
• The pound remained under pressure amid firm dollar and softening key inflation in the region. The CPI numbers dipped to 6.7% against forecast of 7%. The pair is expected to find support near 1.23 and move towards 1.24 ahead of key BOE policy, where the central bank is expected to increase the rates by 25 bps. Only close below 1.23 would weaken towards 1.2240. GBPINR is expected to move in the range of 102.20-103.00.
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