ICICI Direct’s currency report on USDINR

Rupee depreciated marginally yesterday amid strong dollar and elevated crude oil prices. Further, market participants remained cautious ahead of US ISM Manufacturing pmi and Jolts job opening data • Rupee is likely to appreciate today amid expectation of correction in dollar. Dollar is likely to retreat from its high after US credit rating downgrade. Fitch downgraded US government rating to AA+ from AAA. Additionally, US ADP Non-Farm employment change data is projected to show that less number of jobs were added in economy in July. Meanwhile, surge in crude oil prices and risk aversion in the global markets may prevent sharp gains in rupee. US$INR is likely to face hurdle near 82.50 and slip back till 82.20 level.

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