Sell USDINR; target of : 83.00 : March 21, 2024: ICICI Direct

rupee

ICICI Direct's currency report on USDINR

Rupee depreciated to its lowest level in last two months on Wednesday amid weakness in Asian currencies and dollar demand from importers. Rupee settled at 83.15 against its previous close at 83.03. Rupee is expected to appreciate back towards the 83.00 mark amid weakness in the US dollar after the US Federal Reserve maintains 75 bps of rate cut this year. After the Fed policy the probability of rate cut in June has jumped to 73%. Further, improved risk appetite and correction in the US dollar on forecast of mixed economic numbers from US would also weigh on the dollar and support the rupee. USDINR March likely to move back towards 83.00, as long as it trades under 83.20. Only a move below 83.00 it would test the next support at 82.90.

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