ICICI Direct, The US dollar declined 0.56% yesterday amid a rise in risk appetite in the global markets and soft economic data from the US.
August 24, 2021 / 08:59 AM IST
ICICI Direct’s currency report on USDINR
The US dollar declined 0.56% yesterday amid a rise in risk appetite in the global markets and soft economic data from the US. US Manufacturing and Services PMI data showed activity in both sectors slowed down • Rupee future maturing on August 27 appreciated by 0.26% in yesterday’s trading session on a weak dollar and positive domestic markets • The rupee may gain strength in the early trading session on weakness in dollar and rise in risk appetite in the global markets. Further, decline in number of daily Covid-19 cases in the country will be supportive for the rupee. However, in the later trading session, the rupee may give up its strength as market participants are worried that spread of highly infectious delta variant may derail the global economic recovery. Additionally, the market will remain vigilant ahead of Jackson Hole Symposium
Intra-day strategy
| US$ INR August futures contract (NSE) | View: Bullish on US$ INR |
| Buy USDINR in the range of 74.05-74.08 | Market Lot: US$ 1000 |
| Target: 74.35 | Stop Loss: 73.93 |
| Support: 73.93/73.80 | Resistance: 74.35/74.47 |
Disclaimer:
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