Buy EURINR; target of : 84.70 : ICICI Direct

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ICICI Direct's currency report on EURINR

Euro appreciated by 0.91% yesterday amid weak dollar and rise in risk appetite in the global markets. Further, euro was lifted on hopes for breakthrough in RussiaUkraine peace talks. Russia has promised to scale down military operations around Kyiv and Ukraine proposed adopting a neutral status in a sign of progress at face to face negations in Turkey • Euro is expected to trade with a positive bias amid soft dollar and optimistic global market sentiments. Further, euro may gain strength on reports of progress in peace talk between Russia and Ukraine. Additionally, German CPI data is likely to show that inflation remained elevated in March, which may strengthen the case for ECB to further tighten their monetary policy and join rate hike club this year. EURINR (April) is expected to trade in a range of 84.25-84.70.

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