Rupee is likely to appreciate today: April 25, 2024: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

Rupee appreciated marginally yesterday amid soft dollar, decline in crude oil prices and positive domestic market sentiments. However, sharp gains were prevented amid dollar demand from importers. • Rupee is likely to appreciate today amid soft dollar and decline in crude oil prices. Dollar is moving south as fresh data showed new orders for key US manufactured capital goods increased moderately in March but the data for the prior month was revised lower. Meanwhile, sharp gains may be prevented as all eyes will be on slew of economic data from US to get cues on the potential timeline of rate cuts by the Federal Reserve. As per CME FedWatch tool market expects easing cycle to start from September. USDINR April likely to slip towards 83.20 level (89-Day EMA) as long as it stays below 83.40 level (10-Day EMA).

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25042024 - curre