Buy USDINR; target of : 82.96 : March 14, 2024: ICICI Direct

ICICI Direct's currency report on USDINR

Rupee depreciated against the dollar yesterday amid weakness in the domestic equities. Further higher US treasury yields due to sticky US inflation numbers also supported the USDINR pair to recover from its 6- month lows. Rupee is likely to move in a tight range of 82.75-83.00 ahead of the key economic numbers from US. The pair could rise towards the higher band amid diminishing probability of early rate cut. Forecast of improved retail sales numbers and rise in PPI numbers would support the dollar to edge higher. Meanwhile, strong inflows into the domestic markets could favor the rupee to trim its losses. USDINR March likely to consolidate in the band of 82.75-83.00. Only close above 83.00 it would test 83.10.

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