ICICI Direct, Euro is likely to trade on a weaker note amid rebound in dollar. Further, expectation of weaker economic numbers could also weigh on the pair.
ICICI Direct, US$INR is expected to consolidate near the 82.00 level ahead of the key FOMC meeting due this week.
Allowing its direct use would prevent the need for multiple currency conversions for Indian tourists and businessmen.
a negative trend in domestic equity benchmarks also dented investor sentiment, forex traders said.
ICICI Direct, The pound edged higher by almost 0.50% on Wednesday amid a soft US dollar and rise in UK 10 years bond yields.
ICICI Direct, The Euro tumbled more than 0.40% yesterday amid an uptick in the US dollar.
ICICI Direct, The US dollar index edged up on Friday as job data from the US signalled that the Fed may increase interest rates by another 25 bps in the next meeting.
ICICI Direct, The US dollar index rose on Wednesday, recovering from two-month lows as investors lightened their short positions to book profits ahead of the US non-farm payrolls report on Friday.
ICICI Direct, The Euro appreciated by more than 0.50% on Tuesday amid weakness in the US dollar.
The rupee is likely to strengthen towards 79 by end-FY24 from an average of 82 to the US dollar in FY23, Tanvee Gupta Jain, the chief India economist at UBS Securities said in a note.