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Buy USDINR; target of: 73.95 : ICICI Direct

Buy USDINR; target of: 73.95 : ICICI Direct
September 13
11:08 2021

ICICI Direct, US dollar increased by 0.11% on Friday on a surge in US treasury yields and decline in stock markets. Yields rose after PPI data indicated high inflation could persist for some time.

September 13, 2021 / 09:09 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 0.11% on Friday on a surge in US treasury yields and decline in stock markets. Yields rose after PPI data indicated high inflation could persist for some time. Additionally, Cleveland Fed President Loretta Mester signalled possible tapering of asset purchases this year • Rupee future maturing on September 28 appreciated by 0.005% in Thursday’s trading session on weakness in dollar and rise in stock indices • The rupee is expected to depreciate amid strong dollar and surge in crude oil prices. Market sentiments are hurt on concerns that rising Covid-19 cases may derail global economic growth and as Democrats in the US House expect to propose raising corporate tax to 26.5% from 21%. Additionally, market participants will remain vigilant ahead of inflation data from India. CPI data is likely to show that inflation remained steady at 5.6% in August 2021.

Intra-day strategy 

USDINR September futures contract (NSE)
Buy USDINR in the range of 73.68-73.70
Target: 73.95Stop Loss: 73.55
Support: 73.55/73.43Resistance: 73.85/73.95

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