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ICICI Direct’s currency report on USDINR
The US dollar index fell more than 0.50% on Friday as University of Michigan’s March US inflation expectations index declined below 4% for the first time since May 2021 to 3.8%. Further, weaker industrial production numbers and consumer sentiment also weighed on the dollar to slide below the 104 mark • Rupee future maturing on March 28 appreciated to 82.62 amid weakness in the dollar and decline in oil prices • The US$INR is likely to decline towards the immediate support of 82.40 amid weakness in dollar. The increase of US dollar liquidity could be negative for the dollar. US$INR is facing stiff resistance near the multi month resistance zone of 83. As long as the pair stays under 83 it is expected to dip towards the initial support of 20 day EMA at 82.40. A move below 82.40 would open further downsides towards 82.20.
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