USDINR is likely to find support near 82.90 and move back towards 83.30 - ICICI Direct
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Currency Outlook
Rupee Outlook
* Rupee appreciated on Friday towards the 83.00 mark amid the retreat in the dollar and correction in crude oil prices
* USDINR is likely to find support near 82.90 and move back towards 83.30 amid firmer US dollar and higher treasury yields. The hawkish comments from the Fed Governor Bowman and better than expected US Sep ISM manufacturing index would support the dollar to hold its gains. Meanwhile, investors will keep an eye on key US JOLTS job opening numbers. USDINR is expected to move towards the key resistance at 83.30. Only a sustained move above 83.30 would open the doors towards 83.50 levels. On the downside 83.00 would act major support to the pair
Euro and Pound Outlook
* Euro erased all its Friday’s gains and hit the lowest level in 8-months amid
firmer dollar. The rise in US treasury yields to 16-year highs has
strengthened the dollar’s interest rate differentials against the Euro.
Further, weaker set of economic numbers from Eurozone also weighed on
the pair to slide below 1.05 mark. The Euro is expected to face the hurdle
at 1.0520 and move towards 1.0450 amid strong dollar. EURINR is likely to
weaken to 87.20 as long as it trades under 88.00.
* The pound remained under pressure amid strong dollar and rise in US treasury yields.. The pair is expected to face the hurdle near 1.2130 and weaken towards 1.2040 as risk aversion in the global markets would weigh on the pair. GBPINR is expected to move towards 100.20, as long as the pair trades below 101.20.
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