ICICI Direct’s currency report on USDINR

Rupee depreciated yesterday amid firm dollar and surge in crude oil prices. Further, month end dollar demand from importers weighed on local currency. Rupee is likely to depreciate today amid strong dollar and elevated crude oil prices. Meanwhile, investors will remain cautious ahead of major economic data from US to gauge the economic health of the country. ISM Manufacturing PMI is projected to show that activity in sector contracted for 9 th consecutive month. Further, number of available jobs in US is likely to drop and remained below 10-million mark. US$INR is likely to hold the support near 82.10 and rise further till 82.50.

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01082023 – curre