Sell USDINR; target of : 82.30 : June 12, 2023: ICICI Direct

ICICI Direct's currency report on USDINR

US dollar index bounced off two - weeks lows on Friday amid higher treasury yields. But the expectation of no hike in next FOMC meeting kept the upside checked in the dollar index to go beyond 103.65. Thursday’s weak jobless claims numbers raised the bets that Fed will halt its rate hike regime • The rupee maturing on June 27 appreciated by 0.11% on Friday due to soft dollar and fall in crude oil prices • The rupee is likely to hold its ground amid softening of crude oil prices and strong FII inflows into the domestic market. Meanwhile, investors will keep an close eye on inflation data from India after central bank kept its rates steady last week and CPI data from US ahead of US Federal Reserve interest rate decision. US$INR is expected to face a hurdle near 82.70 and move back towards 82.30. Only a close below 82.30 would weaken the pair towards 82.10.

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