Sell USDINR with a target of 83.22 to ICICI Direct on November 29, 2023

 Sell USDINR with a target of 83.22 to ICICI Direct on November 29, 2023

Sell USDINR with a target of 83.22 to ICICI Direct on November 29, 2023

Rupee gained against the US dollar Wednesday, according to ICICI Direct. In addition, the rupee was supported by rising FII inflows and rising risk appetite in domestic markets.

USDINR currency report from ICICI Direct

Yesterday, the rupee strengthened against the dollar. In addition, the rupee was supported by rising FII inflows and rising risk appetite in domestic markets. Sharp increases were, however, restrained by importers' month-end dollar demand. Rupee is expected to gain further ground today due to the weakening dollar, positive attitude on the local market, and the decline in US Treasury rates. On rumors that the US Federal Reserve may begin reducing rates by the first half of next year, the dollar declined and hit its lowest point in over three months. The dollar will also be affected by the Fed's dovish remarks and the US economy's mixed results. As long as it stays below 83.50 levels, the USDINR might go as low as 83.22 in December.