Buy USDINR; target of: 74.48 : ICICI Direct

Currencies

ICICI Direct, US dollar declined 0.11% amid rise in risk appetite in global markets.

August 25, 2021 / 08:43 AM IST

ICICI Direct’s currency report on USDINR

US dollar declined 0.11% amid rise in risk appetite in global markets. Market sentiments improved after USFDA granted full approval to Pfizer’s Covid-19 vaccine • Rupee future maturing on August 27 ended flat in yesterday’s trading session • The rupee may gain strength in early trading session on weakness in dollar and rise in risk appetite in the global markets. Market sentiments improved as US House passed a measure approving $ 3.5 trillion budget blueprint and USFDA granted full approval to Covid-19 vaccine developed by Pfizer. 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, markets will remain vigilant ahead of the Jackson Hole Symposium.

Intra-day strategy 

US$ INR August futures contract (NSE) View: Bullish on US$ INR
Buy USDINR in the range of 74.15-74.18 Market Lot: US$ 1000
Target: 74.48 Stop Loss: 74.03
Support: 74.03/73.95 Resistance: 74.40/74.48

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