Rupee is likely to depreciate today : April 29, 2024: ICICI Direct

ICICI Direct's currency report on USDINR

Rupee depreciated marginally on Friday amid firm dollar and rise in US treasury yields. Further, rupee slipped on surge in crude oil prices and weak domestic market sentiments • Rupee is likely to depreciate today amid strong dollar and rise in US treasury yields. Dollar is moving north as recent data showed no signs of easing price pressure, reinforcing expectations that US Federal Reserve will delay its first interest rate cut. US Core-PCE price index rose 2.8% in March higher than the estimate of 2.6%. Meanwhile, sharp fall in rupee may be prevented on softening of crude oil prices and rise in risk appetite in the domestic markets. USDINR May likely to find support near 83.30 level (50-Day EMA) and rise towards 83.50 levels. A sustain break above 83.50 level pair may further rise towards 83.60 levels.

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