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Buy USDINR; target of: 74.70 : ICICI Direct

Buy USDINR; target of: 74.70 : ICICI Direct
August 20
11:08 2021

ICICI Direct, US dollar increased 0.45% yesterday and climbed to a nine month high as FOMC meeting minutes signalled possibility of monetary tapering this year.

August 20, 2021 / 09:04 AM IST

ICICI Direct’s currency report on USDINR

Rupee Outlook and Strategy

US dollar increased 0.45% yesterday and climbed to a nine month high as FOMC meeting minutes signalled possibility of monetary tapering this year. Some officials saw potential to ease bond buying this year if the economy continues to improve as expected. Further, dollar gained strength on concern spreading of Delta variant may derail global economy • Rupee future maturing on August 27 appreciated by 0.15% in Wednesday’s trading session on FII inflows and softening of crude oil prices. However, sharp gains was prevented on strong dollar •

The rupee may depreciate today on strong dollar and risk aversion in global markets. Market sentiments were hurt on concerns over spread of highly infectious delta variant, turmoil in Afghanistan and as FOMC meeting minutes signalled possibility of monetary tapering this year. Governments in AsiaPacific region are tightening restrictions on daily life and travel

Intra-day strategy 

US$ INR August futures contract (NSE)View: Bullish on US$ INR
Buy USDINR in the range of 74.50-74.52Market Lot: US$ 1000
Target: 74.70Stop Loss: 74.38
Support: 74.38/74.28Resistance: 74.70/74.80

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