ICICI Direct, US dollar declined by 0.26% amid a rise in risk appetite in the global markets and decline in US treasury yields.
September 03, 2021 / 08:36 AM IST
ICICI Direct’s currency report on USDINR
US dollar declined by 0.26% amid a rise in risk appetite in the global markets and decline in US treasury yields. Market sentiments improved after US jobless claims fell to a new pandemic low signalling strength in the labour market • Rupee future maturing on September 28 appreciated by 0.09% in yesterday’s trading session on weakness in dollar, positive domestic markets and consistent FII inflows. However, sharp gains were prevented on a surge in crude oil prices • The rupee is expected to gain strength on weakness in the dollar, rise in risk appetite in global markets and persistent FII inflows. However, sharp gains may be prevented on a surge in crude oil prices and concern over uptick in daily Covid-19 cases in India. Further, traders will remain vigilant ahead of jobs data from the US for insight into the possible path of US Fed monetary policy. US$ INR (September) is likely to trade between 73.10 and 73.40.
Intra-day strategy
| EURINR September futures contract (NSE) | View: Bullish on US$ INR |
| Buy EURINR in the range of 86.90-86.93 | Market Lot: US$ 1000 |
| Target: 87.20 | Stop Loss: 86.78 |
| Support: 86.78/86.65 | Resistance: 87.20/87.30 |
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