ICICI Direct's currency report on EURINR
Euro edged lower by 0.05% yesterday due to firm dollar and weak economic data from euro zone. Meanwhile, sharp downside was cushioned on hawkish comments from ECB Vice President Guindos and ECB Governing Council members Kazimir and Kazaks. For today, EURUSD is likely to hold the support near 1.0790 level and rise towards 1.0870 level amid expectation of correction in dollar and hawkish comments from ECB officials. Meanwhile, investors will remain cautious ahead of consumer price data from Germany, France and Spain. EURINR March may rise towards 90.30 level as long as it trades above 89.60 levels.
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