Buy EURINR; target of : 89.20 : June 14, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on EURINR

The Euro gained more than 0.30% after data showed the annual inflation rate in Germany was confirmed at a 14-month low of 6.1% in May 2023, down from 7.2% in the previous month but remained well above the European Central Bank's target of about 2%, which reinforced expectations that the ECB will implement another 25 basis points rate hike during the meeting on Thursday • The Euro is likely to trade with a positive bias for the day amid weakness in the US dollar and sharp rise in German 10 years bond yields. Further, the Euro may be supported on expectations that industrial production increased by 0.8% in April compared to a 4.1% decline in March. EURUSD is likely to break the level of 1.0812 to continue its upward trend towards the level of 1.0840. EURINR is likely to hold the support near 88.87 levels and rise towards the level of 89.20.

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14062023 - curr