Sell USDINR; target of : 83.15 : January 02, 2024: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

Rupee depreciated marginally yesterday amid muted domestic market sentiments and dollar demand from importers. Additionally, trading activity remained subdued as most global markets were shut on account of New Year’s holiday. Rupee is likely to trade with positive bias amid expectation of correction in dollar and US treasury yields as market weigh the prospect of steep interest rate cuts from US Fed in 2024. Further, investors will remain cautious ahead of major economic data from US this week for more clues on central bank next move. As per CME FedWatch tool market are now pricing in 78% chance of rate cut in March. USDINR Jan will slip towards 83.15 levels as long as it stays below 83.40 levels.

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