Buy EURINR; target of : 90.40 : February 27, 2024: ICICI Direct

ICICI Direct's currency report on EURINR

Euro edged up by 0.3% yesterday buoyed by weakness in dollar and hawkish comments from ECB policymakers. They signaled that central bank shouldn’t rush into a decision to cut interest rates. For today, EURUSD is likely to hold the support near 1.0810 level and rise towards 1.0880 level amid soft dollar and as most of ECB officials pushed back rate cut expectations. Meanwhile, anticipation of weak economic data from euro zone may prevent sharp upside in single currency. EURINR March may rise towards 90.40 level as long as it trades above 89.80 levels..

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