Sell GBPINR; target of : 103.10 : September 15, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on GBPINR

Rupee depreciated on Wednesday amid stronger dollar and higher crude oil prices. The dollar index gained yesterday after the August US CPI numbers rose to 3.7% YoY against 3.2% YoY in July. Meanwhile, the core inflation numbers declined to 4.3% YoY from 4.7%. The pair is expected to face the hurdle near 83.10 and move towards the lower end of the consolidation range 82.80-83.10 on expectation that the Fed will not rise the rate in its next policy meet. Now the , investors will eye on today’s key US PPI numbers and retail sales data, which could provide more clues to the future rate path. USDINR is expected to remain in the band of 82.80-83.10.

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15092023 - curre