Buy USDINR; target of : 83.00 : March 18, 2024: ICICI Direct

ICICI Direct's currency report on USDINR

Rupee edged lower on Friday amid strong dollar and rise in US treasury yields. Sticky inflation numbers in US has supported the dollar to stay higher. But strong inflows into the domestic markets helped the rupee to trim its losses. Rupee is likely to move in sideways range ahead of the upcoming FOMC meeting this week. Last week’s sticky inflation numbers would support the Fed to hold the rates higher. Further, higher crude oil prices and weaker global risk sentiments would also weigh on the rupee. Meanwhile, strong inflows into the domestic markets could support the rupee to trim its losses. USDINR March likely to move in the band of 82.80-83.00. Only close above 83.00 it would test 83.10. On the flip side below 82.80 it would again test support at 82.60.

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