ICICI Direct, US dollar increased marginally by 0.01% amid a decline in domestic market and surge in US treasury yields.
September 01, 2021 / 08:54 AM IST
ICICI Direct’s currency report on USDINR
US dollar increased marginally by 0.01% amid a decline in domestic market and surge in US treasury yields. However, further upside was capped on weaker-than-expected economic data from country. US CB Consumer Confidence data showed that consumer confidence deteriorated in August 2021 • Rupee future maturing on September 28 appreciated by 0.47% in yesterday’s trading session on weakness in dollar, FII inflows and optimistic domestic market sentiments • The rupee is expected to trade with a positive bias on rise in risk appetite in the global markets, weakness in dollar and FII inflows. However, sharp gains may be prevented on concerns over uptick in daily Covid-19 cases in India. Further, traders will remain cautious ahead of US jobs data for insight into the possible path of US Fed monetary policy and Opec meeting. US$ INR (September) is likely to trade between at 73.0-73.40
Intra-day strategy
| GBPINR September futures contract (NSE) | View: Bearish on US$ INR |
| Sell GBPINR in the range of 100.70-100.72 | Market Lot: US$ 1000 |
| Target: 100.40 | Stop Loss: 100.85 |
| Support: 100.40/100.20 | Resistance: 100.85/101.0 |
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