USDINR is likely to consolidate in between 83.20-83.45 - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee depreciated to its lowest level on Friday amid rebound in in US dollar and sustained capital outflows from the domestic markets. But the likely intervention from RBI checked its downside and closed at 83.34 after testing 83.47.
• Rupee is expected to appreciate amid correction in the dollar. The weaker consumer sentiments numbers in US would hurt the probability of further rate hike. Meanwhile, investor will eye on key inflation numbers from India and US this week. USDINR is likely to consolidate in between 83.20-83.45. Only a move above 83.45 it would open the doors towards 83.60. Similarly below 83.20 it would weaken towards 83.00
Euro and Pound Outlook
• The Euro edged higher on Friday amid strength in the German bund yields. But the upside in the pair was limited by the dovish comments from the ECB President Lagarde after she suggests pause in the rates.The pair is likely to find support near 1.060 and move higher towards 1.0720 amid softness in the dollar. EURINR is likely to move towards 89.50 as long as remained above 88.80.
• Pound edged higher on Friday after better than expected economic numbers in UK. The UK GDP rose to 0.2% against previous record of 0.1%. The pair is expected to rise towards 1.2280 as long as it holds above 1.2180. GBPINR is expected to hold 101.50 and move higher towards 102.30. Only close below 101.50 it would weaken towards 101.00.
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