ICICI Direct, The US dollar remained under pressure amid prospects of less aggressive monetary tightening form the Federal Reserve.
January 16, 2023 / 09:53 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar remained under pressure amid prospects of less aggressive monetary tightening form the Federal Reserve. The decline in price pressure and improving inflation expectation in the near term has brought confidence back among consumers. Yearahead inflation expectations dropped to a primary reading of 4.0% this month from 4.4% in December • Rupee future maturing on January 27 closed with a gain of 0.21% to settle at 81.46 on Friday tracking a weak dollar • The rupee is likely to appreciate further following weakness in dollar and rally in global risky assets. In the near term, US$ INR is expected to trade on a weaker note and move towards the initial supports at 81.20, followed by 80.80. On the upper end 82 would act as key resistance. Further investors will focus on this week’s key US retail sales and PPI numbers to get fresh direction cues.
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16012023 – currency
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