Buy USDINR; target of : 83.00 : March 19, 2024: ICICI Direct

rupee

ICICI Direct's currency report on USDINR

Rupee depreciated on Monday amid strong dollar and weakness in Asian currencies. Further, dollar purchase by state-run banks have limited the rupee’s rally. Rupee is likely to move in sideways range ahead of the upcoming FOMC meeting this week. Better than expected US economic data would support the dollar to hold its edge before the Fed policy outcome. Further, higher crude oil prices and weaker global risk sentiments would also weigh on the rupee. Meanwhile, investors will eye on the monetary policy from Bank of Japan which could bring volatility in to the market. Further, 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.

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19032024 - curre