Sell USDINR; target of : 82.65 : September 05, 2023: ICICI Direct

ICICI Direct's currency report on USDINR

Rupee edged lower on Monday amid higher crude oil pries. The pair moved in a narrow range during the day as the dollar demand remain subdued due to the Labour day holiday in US. The rupee is expected to appreciate today amid improving risk appetite in global equities. Increasing hopes of China’s stimulus and Fed pause in its interest rate hike cycle could limit the upside in the dollar. Further, expectation of weaker economic numbers from US could also weigh on the dollar. USDINR is expected to dip towards 82.55, as long as it trade under 82.90 level. Only a move below 82.55, it would weaken further towards 82.40.

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