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Buy USDINR; target of: 73.95 : ICICI Direct

Buy USDINR; target of: 73.95 : ICICI Direct
September 09
09:08 2021

ICICI Direct, US dollar increased by 0.18% yesterday on a decline in the equities and improved Jolts jobs data.

September 09, 2021 / 08:44 AM IST

Kerala had set up India’s first lottery department in 1967.

Kerala had set up India’s first lottery department in 1967.

ICICI Direct’s currency report on USDINR

US dollar increased by 0.18% yesterday on a decline in the equities and improved Jolts jobs data. However, sharp upside was capped on dovish statement from New York Fed President John Williams. Additionally, Beige book showed US economic recovery slowed over summer • Rupee future maturing on September 28 depreciated by 0.17% in yesterday’s trading session on a strong dollar and weak equities • The rupee is expected to depreciate further amid strong dollar and risk averse mood globally. Market sentiments are hurt on concerns that rising Covid-19 cases may hurt economic growth. Further, the rupee may slipped on a surge in crude oil prices. Additionally, market participants are awaiting fresh cues from major central bank about how signs of slowing economic recovery and high inflation levels may influence their tapering plans.

Intra-day strategy 

USDINR September futures contract (NSE)
Buy USDINR in the range of 73.65-73.68
Target: 73.95Stop Loss: 73.53
 Support: 73.53/73.40Resistance: 73.85/73.95

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