Rupee is likely to appreciate further today : April 24, 2024: ICICI Direct

ICICI Direct's currency report on USDINR

Rupee appreciated marginally yesterday amid soft dollar and retreat in US treasury yields. Meanwhile, sharp gains were prevented due to dollar demand from importers. Rupee is likely to appreciate further today amid weakness in dollar, softness in US treasury yields and rise in risk appetite in the global markets. Dollar and yields moved south as US business activity cooled in April to a 4-month low due to weaker demand. Manufacturing PMI data showed activity in sector contracted in April and Services PMI signaled slowdown in sector. Additionally, pace of inflation eased from 6-month high seen in March despite of rise in input cost. Meanwhile, surge in crude oil prices may prevent sharp gains in rupee. USDINR April likely to slip towards 83.19 level (89-Day EMA) as long as it stays below 83.42 level (10-Day EMA).

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