Buy EURINR; target of : 89.60 : August 28, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on EURINR

Euro ended on negative note amid strong dollar and as German Ifo business climate fell more than expected to 10-month low. For today, EURUSD is likely to rise further towards 1.0840 level as long as it trades above 1.0760 level amid soft dollar and on hawkish comments from ECB President Lagarde. She said central bank will set interest rate at sufficiently restrictive levels for as long as necessary. EURINR may move north towards 89.50 level as long as it stays above 88.90 levels • Pound is expected to hold support near 1.2540 level and strengthen towards 1.2650 level on soft dollar and hawkish comments from BOE Deputy Governor Ben Broadbent. He said interest rate in UK might have to stay elevated for some time yet. GBPINR is likely to rise towards 104.50 level as long as it trades above 103.70 levels.

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