ICICI Direct, US dollar increased 0.21% yesterday on concerns that spreading of delta variant may derail the global economy.
September 07, 2021 / 08:59 AM IST
ICICI Direct’s currency report on USDINR
US dollar increased 0.21% yesterday on concerns that spreading of delta variant may derail the global economy. Further, disappointing economic data from the US led to fading of expectations of imminent tapering of stimulus by the Fed. Rupee future maturing on September 28 depreciated by 0.07% in yesterday’s trading session on strong dollar and FII outflows from local stocks. The rupee is expected to gain strength amid weakness in dollar, rise in risk appetite in the global markets and FII inflows. Further, softening of crude oil prices may support the rupee. However, sharp gains may be prevented on ongoing concerns that spreading of delta variant may derail the global economy. Additionally, market participants are expected to remain vigilant ahead of major central bank monetary policy outcome across globe.
Intra-day strategy
| USDINR September futures contract (NSE) | |
| Sell USDINR in the range of 73.28-73.30 | |
| Target: 73.0 | Stop Loss: 73.43 |
| Support: 73.00/72.95 | Resistance: 73.43/73.55 |
Disclaimer:
Read More
