ICICI Direct's currency report on EURINR
Euro edged higher by 0.30% on Friday amid weakness in dollar and as Eurozone CPI rose more than expected. Moreover, hawkish comments from ECB Governing Council member Holzmann supported single currency. For today, EURUSD is likely to hold the support near 1.0800 level and rise towards 1.0870 level amid soft dollar and optimistic global market sentiments. Further, sticky inflation data added to the case for the ECB to hold interest rates at record highs a bit longer. EURINR March may rise towards 90.30 level as long as it trades above 89.60 levels.
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