Sell USDINR; target of : 82.82 : February 28, 2024: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

Rupee ended flat yesterday after moving in a tight range amid rise in dollar demand from importers. Further, investors remained cautious ahead of US Durable goods orders and consumer confidence data to get cues on timing of US Fed interest rate cut. Rupee is likely to appreciate today amid expectation of correction in dollar and US treasury yields. Dollar may slid as Conference Board’s US consumer confidence index unexpectedly declined and Durable goods order tumbled more than expected in January. Moreover, rise in risk appetite in the domestic markets along with sustained inflows would be supportive for domestic pair. However, sharp gains may be prevented amid month end dollar demand. USDINR March likely to slip towards 82.82 levels as long as it sustains below 83.05 levels.

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