Sell USDINR; target of : 83.05 : November 06, 2023: ICICI Direct

ICICI Direct's currency report on USDINR

Rupee moved in a tight range on Friday despite softness in the dollar and fall in US treasury yields. Further more, decline in crude oil prices and improved global risk sentiments supported the rupee to hold firm against the dollar. Rupee is expected to open with a sharp gain due to weaker dollar. Lower than expected US Job numbers in October has raised the bets that the Fed has done with its rate hike regime. The CME Fed watch tool suggest more that 95% probability of Fed pause in December. The slowdown in the service sector also indicated some slowing growth in the US. USDINR is likely to dip towards 83.00, as long as it trades under 83.35. Only a move below 83.00 it would open the doors towards 82.80.

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