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Sell USDINR; target of: 73.48 : ICICI Direct

Sell USDINR; target of: 73.48 : ICICI Direct
September 14
09:08 2021

ICICI Direct, US dollar increased by 0.04% yesterday on hawkish statements from Fed officials.

September 14, 2021 / 08:55 AM IST

ICICI Direct’s currency report on USDINR

US dollar increased by 0.04% yesterday on hawkish statements from Fed officials. Federal Reserve officials signalled possible tapering of asset purchases this year. However, sharp upsides were capped as market participants remained vigilant ahead of inflation data from the US • Rupee future maturing on September 28 depreciated by 0.24% in yesterday’s trading session on strong dollar and weak domestic stock indices • The rupee is expected to appreciate amid weakness in dollar and rise in risk appetite in the global markets. Further, India CPI data showed inflation eased to 5.3% in August 2021 and remained within RBI’s comfort zone for a second consecutive month. However, sharp gains may be prevented on a surge in crude oil prices and ongoing concerns that rising Covid-19 cases may derail global economic growth.

Intra-day strategy 

USDINR September futures contract (NSE)
Sell USDINR in the range of 73.78-73.80
Target: 73.48Stop Loss: 73.95
Support: 73.60/73.48Resistance: 73.95/74.05

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