Sell USDINR; target of : 82.55 : August 30, 2023: ICICI Direct

ICICI Direct's currency report on USDINR

Rupee depreciated yesterday amid rise in crude oil prices and dollar buying by importers. Further, rebound in dollar and foreign fund outflows from equity markets weighed on rupee • Rupee is likely to appreciate today amid weakness in dollar, optimistic global market sentiments and sharp decline in US treasury yields. Yields are tumbling as data from US showed job openings fell to the lowest level since March 2021 and consumer confidence fell more than expected in August. Reports have boosted hopes that Fed will hold interest rates steady at next month’s policy meeting. US$INR is likely to face hurdle near 82.70 level and move south towards 82.45 level.

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