Buy EURINR; target of : 89.90 : August 23, 2023: ICICI Direct

ICICI Direct's currency report on EURINR

Euro ended on negative note amid strong dollar and on eurozone economic concerns. For today, EURUSD is likely to weaken towards 1.0800 level as long as it trades below 1.0880 level amid firm dollar. Further, Euro Area manufacturing PMI is likely to show that activity in sector continued to contract and activity in service sector slow down. EURINR may face the hurdle near 90.40 level and weaken towards 89.70 level.

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