Buy USDINR; target of : 82.30 : July 28, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

Rupee is expected to depreciate today amid strong rebound in dollar. Better than expected US advance GDP numbers and resilient labor market has increased the probability of rate hike scenario in US. Meanwhile, expectation of drop in US Core PCE data could limit the gains the dollar. The focus now turns to the Bank of Japan policy outcome, where the central bank is expected to tweak its yield curve control policy later the day. US$INR is likely to break the initial resistance of 20 day SMA at 82.10 and rise towards 82.25. A move above 82.25 would open the doors for the next key resistance at 82.50. On the downside 81.80 holds major support to the pair.

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