Currency

Sell EURINR; target of : 90.70 : August 08, 2023: ICICI Direct

ICICI Direct, Euro ended on negative note amid strong dollar and as German industrial production fell more than anticipated.

Sell USDINR; target of : 82.45 : August 07, 2023: ICICI Direct

ICICI Direct, Rupee depreciated on Friday amid surge in crude oil prices and wider selloff in Asian currencies.

Sell USDINR; target of : 82.50: August 04, 2023: ICICI Direct

ICICI Direct, Rupee depreciated for 3 rd consecutive session, hitting to its lowest level in 2 ½ months amid strong dollar and risk aversion in the global markets.

Sell EURINR; target of : 90.50: August 03, 2023: ICICI Direct

ICICI Direct, Euro slipped yesterday amid strong dollar and risk aversion in the global markets.

Sell USDINR; target of : 82.20 : August 02, 2023: ICICI Direct

ICICI Direct, Rupee depreciated marginally yesterday amid strong dollar and elevated crude oil prices.

Buy USDINR; target of : 82.50 : August 01, 2023: ICICI Direct

ICICI Direct, Rupee depreciated yesterday amid firm dollar and surge in crude oil prices.

Buy EURINR; target of : 90.90 : July 31, 2023: ICICI Direct

ICICI Direct, Euro recovered from its 3-week low and closed above the 1.10 mark on Friday amid softer dollar.

Buy EURINR; target of : 91.25 : July 27, 2023: ICICI Direct

ICICI Direct, Euro is likely to trade on bullish bias amid softness in dollar. Further expectation of 25 bps hike in today’s policy meeting could support the Euro to rise back towards 1.1120.

Buy USDINR; target of : 82.00 : July 26, 2023: ICICI Direct

ICICI Direct, Rupee depreciated for the first time in last three days ahead of the key FOMC meeting.

Internationalising INR: Local currency swap deals with trade partners can provide a boost

Capital account convertibility is neither a necessary nor a sufficient condition for the success of a country’s currency internationalisation process 

Buy USDINR; target of : 82.15 : July 24, 2023: ICICI Direct

ICICI Direct, US$INR is expected to consolidate near the 82.00 level ahead of the key FOMC meeting due this week.

Buy USDINR; target of : 82.25 : July 21, 2023: ICICI Direct

ICICI Direct, Rupee is expected to depreciate amid rebound in the dollar. The strong labor market in the US has raised the bets that the Federal Reserve will keep interest rates higher for longer to rein inflation.

Buy EURINR; target of : 92.40 : July 20, 2023: ICICI Direct

ICICI Direct, Euro is likely to recover its yesterday’s losses amid weakness in dollar. Further sticky inflation numbers could force the ECB to stick to its hawkish monetary policy.

India-UAE Currency Deal: Internationalising the rupee, one step at a time

India’s policymakers are positioning the INR as an alternative currency for international transactions. They are using two strategies to further this cause

Buy EURINR; target of : 92.50 : July 19, 2023: ICICI Direct

ICICI Direct, Euro is likely to hold its ground against the dollar ahead of the key CPI numbers.

Internationalising the INR will be a gradual process

One major precondition for internationalising a currency is that the economy should be international as well. India has made great progress since the opening of the economy in 1991

Sell USDINR; target of : 82.40 : July 11, 2023: ICICI Direct

ICICI Direct, Rupee is likely to appreciate today amid weakness in dollar as the weaker US economic numbers has raised the doubts on further tightening.

Bastille Day welcome for PM Modi as France courts India

President Emmanuel Macron's red carpet welcome comes weeks after Modi was given the rare honour of a White House state dinner in Washington -- a city he was once banned from visiting.

Sell USDINR; target of : 82.50 : July 10, 2023: ICICI Direct

ICICI Direct, Rupee is expected to appreciate today amid weakness in dollar as the softness in June US Job numbers has raised the doubts on further tightening of the interest rates trajectory.

Convertibility needs to precede the internationalisation of the rupee

There are other important prerequisites for achieving internationalisation — the existence of deep and well-functioning domestic financial markets, a trusted legal framework for contract enforcement, low inflation, and stable and predictable macroeconomic policies

Buy USDINR; target of : 82.85 : July 07, 2023: ICICI Direct

ICICI Direct, Rupee is expected to depreciate again today amid strong dollar as the forecast of better job numbers in US would support the hawkish Fed.

Buy USDINR; target of : 82.50 : July 06, 2023: ICICI Direct

ICICI Direct, Rupee is likely to depreciate today amid strong dollar as the hawkish FOMC minutes reinforced the market expectations of another interest rate hike at the July meeting.