Tag: ICICI Direct

The Indian rupee depreciated to its lowest level on Friday, September 19, 2023, due to a combination of factors, including a stronger dollar, higher crude oil prices, and a widening trade deficit. The rupee is likely to face resistance near 83.30 in the near term, but growing optimism of a Fed pause in its next policy could restrict its upside.

Karnataka Bank is a south-based private sector bank with a focus on the retail, MSME, and agri segments. It has a pan-India presence with 901 branches and a large customer base of 1.3 crore. The stock is currently trading at a relatively lower valuation, with a potential upside of 28%.

The rupee depreciated against the US dollar on Wednesday due to a stronger dollar and higher crude oil prices. The rupee is likely to remain in the 82.80-83.10 range in the near term.

The rupee rose slightly against the dollar on Tuesday, but its gains were limited by a stronger dollar and higher oil prices. The rupee is expected to trade in a narrow range on Tuesday as investors await key economic data from India and the US.

The Indian rupee depreciated against the US dollar on Tuesday, tracking gains in the greenback. The rupee closed at 83.09 per dollar, down 0.12% from its previous close. The dollar index, which measures the value of the dollar against a basket of six major currencies, rose 0.1% to 92.32. The rupee was weighed down by the rising crude oil prices and the upcoming inflation data. The Reserve Bank of India (RBI) is scheduled to release the inflation data for August on Wednesday. The inflation is expected to remain above the RBI's higher limit of 6%.

The Indian rupee is expected to appreciate towards 82.80, as long as it trades below 83.20. The rupee gained on Friday amid likely support from the RBI, but higher crude oil prices and strength in the dollar index restricted it to appreciate below 82.90. Investors will be eyeing this week's key inflation numbers, which may provide more clues for the future interest rate path.