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Sell USDINR; target of: 73.50 : ICICI Direct

Sell USDINR; target of: 73.50 : ICICI Direct
September 15
09:08 2021

ICICI Direct, The US dollar declined marginally by 0.01% yesterday on a decline in US treasury yields.

September 15, 2021 / 08:24 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

The US dollar declined marginally by 0.01% yesterday on a decline in US treasury yields. Yields fell after US CPI data showed inflation cooled down in August easing worries over runaway inflation. Soft inflation data pushed back market expectations of sooner tapering of bond purchases • Rupee future maturing on September 28 appreciated by 0.07% in yesterday’s trade on weakness in dollar and continued FII inflows • The rupee is expected to appreciate amid weakness in the dollar and persistent FII inflows. Further, improved macroeconomic data will continue to support the rupee. However, sharp gains may be prevented on risk aversion in the global markets and surge in crude oil prices. Market sentiments were hurt on concerns over economic uncertainties and possibility of a corporate tax rate hike in the US.

Intra-day strategy 

USDINR September futures contract (NSE)
Sell USDINR in the range of 73.80-73.82
Target: 73.50Stop Loss: 73.95
 Support: 73.60/73.50Resistance: 73.95/74.05

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