ICICI Direct, US dollar fell 0.07% on Friday and slipped from its nine and a half month high on a rise in risk appetite in the global markets.
August 23, 2021 / 09:05 AM IST
ICICI Direct’s currency report on USDINR
Rupee Outlook and Strategy
US dollar fell 0.07% on Friday and slipped from its nine and a half month high on a rise in risk appetite in the global markets. However, a sharp fall was cushioned as FOMC meeting minutes had signalled possibility of monetary tapering this year • Rupee future maturing on August 27 depreciated by 0.13% on Friday’s trading session on strong dollar and weak domestic markets. However, a sharp fall was prevented on softening of crude oil prices • The rupee may appreciate today on weakness in the dollar and rise in risk appetite in the global markets. Further, softening of crude oil prices may support the rupee. However, sharp gains may be prevented as market participants are worried that spread of highly infectious delta variant may derail global economic recovery. Additionally, the market will remain vigilant ahead of Manufacturing and Services PMI data from major countries across the globe.
Intra-day strategy
| US$ INR August futures contract (NSE) | View: Bearish on US$ INR |
| Sell USDINR in the range of 74.40-74.42 | Market Lot: US$ 1000 |
| Target: 74.22 | Stop Loss: 74.53 |
| Support: 74.22/74.15 | Stop Loss: 74.53 |
Disclaimer:
Read More
