ICICI Direct, The US dollar increased by 0.35% yesterday on risk aversion in the global markets and surge in US treasury yields.
September 08, 2021 / 08:29 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar increased by 0.35% yesterday on risk aversion in the global markets and surge in US treasury yields. Market sentiments were hurt on concerns that spreading of delta variant may derail the global economy • Rupee future maturing on September 28 depreciated by 0.44% in yesterday’s trading session on a strong dollar and risk aversion in the domestic markets • The rupee is expected to gain strength amid softening of crude oil prices. Further, market participants are of the view that ongoing concern over rising delta variant may force major central banks across the globe to go slow on monetary tightening. However, sharp gains may be prevented on muted global markets sentiments. Additionally, the market will remain vigilant ahead of US Jolts job openings data.
Intra-day strategy
| USDINR September futures contract (NSE) | |
| Sell USDINR in the range of 73.55-73.57 | |
| Target: 73.25 | Stop Loss: 73.70 |
| Support: 73.30/73.25 | Resistance: 73.70/73.80 |
Disclaimer:
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