Sell USDINR; target of : 83.10 : December 22, 2023: ICICI Direct

ICICI Direct, Rupee depreciated yesterday amid dollar demand from importers and rise in crude oil prices.

ICICI Direct’s currency report on USDINR

Rupee depreciated yesterday amid dollar demand from importers and rise in crude oil prices. Moreover, investors remained cautious ahead of GDP and Jobless claims data from US to gauge economic health. Rupee is likely to appreciate today amid weakness in dollar and softening of US treasury yields. Dollar is moving south as fresh economic data from US signaled that economy is feeling the heat of aggressive rate hikes, which may prompt US Fed to start cutting rates in early 2024. Additionally, investors will remain cautious ahead of core-PCE price index to get new insight into whether inflation is continuing to moderate, as it would boost chances of rate cuts in March 2024. USDINR may slip towards 83.10 level as long as its stays below 83.35 level.

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22122023 – curre