Buy USDINR; target of : 83.10 : January 16, 2024: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

Rupee strengthened again on Monday aided by strong domestic equities and FII inflows. Further, slide in US treasury yields after Friday’s PPI data boosted the hopes of Federal Reserve rate cut in March. Rupee is likely to trim its gains amid recovery in the dollar . Meanwhile, strong domestic equities and improved trade balance numbers would limit the downside in the domestic currency. Further increasing probability of 25bps rate cut in March would support the rupee to hold its gains against the dollar. USDINR Jan is likely to find support near 82.80 and recover towards the immediate resistance at 83.10 levels. Only close above 83.10 it would rise towards 83.25.

For all Currency report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

16012024 - curre