Rupee
ICICI Direct’s currency report on USDINR
Rupee depreciated for the first time in last three days ahead of the key FOMC meeting. Meanwhile strong dollar inflows has restricted its fall. For the day, USDINR is expected to move towards the 82.00 ahead of much anticipated 25 bps hike by the Federal reserve. For now, investors will be watching out for the commentary on future path of the interest rate cycle. US$INR is likely to consolidate in between 81.60 and 82.00. Only a move below 81.60 would weaken the pair towards 81.40. On the flipside a move above 82.00 would rise towards 82.20.
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