Sell USDINR; target of : 82.20 : June 02, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

The US dollar index fell more than 0.50% on Thursday as weaker set of economic numbers and hawkish comments form Fed officials reinforced the expectation that Fed will take a pause in its rate hike regime. The US manufacturing contracted for the seven straight month as new orders continued to tumble. Rupee future maturing on June 27 appreciated by 0.40% amid softness in dollar and strong GDP numbers • The rupee is likely to appreciate further amid rising bets of no hike in this month by Fed. The probability of no hike in June has increased to 74%. Furthermore, Non-farm payrolls data is expected to show labour market cooled through may giving Fed more incentive to hold rates steady. The US$INR pair is expected to dip towards 82.10 as long as it trades below the 82.50 mark.

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