ICICI Direct's currency report on USDINR
Rupee appreciated yesterday amid weak dollar and decline in crude oil prices. Further, rupee gained strength on rise in risk appetite in the domestic markets and persistent FII inflows. Rupee is likely to appreciate today amid expectation of further correction in dollar and softening of US treasury yields across curve. Dollar will slip as recent job data showed American filling for jobless claims rose last week, indicating crack in labor market, boosting confidence that Fed will deliver a series of rate cuts next year. Moreover, US pending home sales figures held at their lowest level since 2001 despite falling mortgage rates. Additionally, positive domestic market sentiments, softening of crude oil prices and persistent FII inflows will aid rupee. USDINR Jan may slip towards 83.09 level as long as its stays below 83.39 level.
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