Key Points
The USDINR pair may slide towards 81.80 level which is support of rising trend line, as long as it remains below 82.80...
Rupee appreciated last week amid weakness in dollar, softening of crude oil prices and upbeat economic data from country..
We expect Dollar index to face hurdle near 104.50 levels and correct back till 102.80/102.40 levels on rising hopes that US Federal Reserve will hit a pause button in its upcoming policy meeting..
Recent manufacturing data showed activity in the sector contracted for 7th consecutive month and Job figures indicated that US labor market is cooling down gradually, which could ease pressure on inflation and give more incentive to central bank to hold rates steady..
We expect Rupee to face strong resistance near 82.80 level and slip back to 81.80 level amid softening of crude oil prices and correction in dollar..
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