USDINR is likely to consolidate in between 83.10-83.40 - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee depreciated and settled near its all time lows at 83.29 amid sustained capital outflows from the domestic markets. Further, rebound in the dollar index and US treasury yields also weighed over the rupee.
• Rupee is expected to depreciate amid rise in dollar. The hawkish comments from the Fed chair Jerome Powell has reinforced the possibility of another rate hike. Meanwhile, focus will shift towards next weeks key US CPI data. USDINR is likely to consolidate in between 83.10-83.40. Only a move above 83.40 it would open the doors towards 83.50. Similarly below 83.10 it would weaken towards 82.90
Euro and Pound Outlook
• The Euro failed to hold its gains and closed with a loss of 0.34% amid rise in the dollar. The pair is expected to remain under pressure amid strong dollar. Meanwhile, investors will keep an eye on key comments from the ECB president Lagarde to get more clarity on the future rate path. The pair is likely to dip towards 1.0620 as long as it trades under 1.0720. EURINR is likely to move towards 88.60 as long as remained under 89.40.
• Pound erased all its gains and ended with a loss of 0.50% amid rebound in the dollar. The pair is expected to weaken towards 1.2180 on expectation weaker GDP numbers. GBPINR is expected to slide towards 101.50, as long as it trades under 102.30. Only close below 101.50 it would weaken further towards 101.10.
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