Sell USDINR; target of : 82.90 : February 13, 2024: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

Rupee ended little changed yesterday ahead of Inflation data from India and US. Further, rupee gave up most of its early gains amid uptick in dollar, surge in crude oil prices and risk aversion in the domestic market. • Rupee is likely to appreciate today amid expectation of correction in dollar and US treasury yields. Dollar and Yields may move south on forecast that price pressure continued to ebb in US, giving room for Fed to start cutting rates this year. Furthermore, Indian economy showed signs of resilience as industrial production rose and inflation eased. Data showed India’s inflation eased to 5.1% in January and remained under RBI tolerance range of 2%-6%. Meanwhile, sharp gain’s may be prevented on pessimistic global markets sentiments and rise in crude oil prices. USDINR Feb likely to slip towards 82.85 levels as long as it sustains below 83.15 levels.

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