Sell USDINR; target of : 82.90 : September 11, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

Rupee gained on Friday amid likely support from the RBI, but higher crude oil prices and strength in the dollar index restricted it to appreciate below 82.90. The pair is expected to face the resistance near 83.20 and move towards 82.90 amid softness in the US dollar and decline in US rising treasury yields. Further, expectation of pause in Federal reserve interest rates in the September meeting may restrict the dollar index go beyond 105.20. Meanwhile, investors will eye on this week’s key inflation numbers, which may provide more clues for future interest rate path. USDINR is expected to appreciate towards 82.80, as long as it trades below 83.20.

For all Currency report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

11092023 - curre