Rupee is likely to depreciate today : April 26, 2024: ICICI Direct

Rupee

Rupee ended largely unchanged as investors remained cautious ahead of slew of economic data from US to gauge economic health of the country and get fresh cues on rate trajectory. While, optimistic domestic market sentiments and soft dollar lent support to rupee.Rupee is likely to depreciate today amid expectation of rise in US dollar and surge in treasury yields. Yields are moving north as data showed price pressure elevated more than expected in the first quarter despite of growth seen weaker than anticipated. Core PCE rose by 3.7% in Q1 CY24 above expectations for a 3.4% increase. Investors fear that rise in inflation print for first quarter, signals today’s PCE number will be higher. Additionally, surge in crude oil prices will hurt rupee. USDINR May likely to find support near 83.30 level (50-Day EMA) and rise towards 83.50 level.

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