ICICI Direct's currency report on USDINR
Rupee is expected to depreciate amid rebound in the dollar. The strong labor market in the US has raised the bets that the Federal Reserve will keep interest rates higher for longer to rein inflation. Meanwhile, upside in the pair could be capped amid expectation of pause in interest rate hike by the Fed after July meeting • US$INR is likely to hold the support near 81.90 and move back towards the higher end of the consolidation range 81.90-82.30. A move outside the range could bring more clarity in the trend. Below 81.90 it would slid towards 81.70. Similarly above 82.30 it would rise towards 82.45.
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