ICICI Direct's currency report on USDINR
Rupee depreciated yesterday amid month end dollar demand from importers and weakness in other major Asian currencies. Meanwhile, rise in risk appetite in the domestic markets and softening of crude oil prices prevented further fall in rupee • Rupee is likely to depreciate today amid firm dollar ahead of US FOMC meeting. US Federal Reserve is likely to strike a hawkish tone and keep interest rates unchanged. More focus will be on comments from central bank to get fresh cues on interest rate trajectory. Investors have already pair back bets of Fed rate cut this year due to upbeat economic data and stubborn inflation figures. USDINR May likely to find support near 83.40 level (10-Day EMA) and rise towards 83.65 levels. A sustain break above 83.65 level pair may further rise towards 83.75 levels.
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