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Sell USDINR; target of: 73.30 : ICICI Direct

Sell USDINR; target of: 73.30 : ICICI Direct
September 16
09:08 2021

ICICI Direct, US dollar decrease by 0.14% yesterday as soft inflation data pushed back market expectations of sooner tapering of bond purchases.

September 16, 2021 / 08:34 AM IST

ICICI Direct’s currency report on USDINR

US dollar decrease by 0.14% yesterday as soft inflation data pushed back market expectations of sooner tapering of bond purchases. Further, dollar slipped on disappointing economic data from US and rise in US stock markets. Industrial production data showed activity in sector slowed down • Rupee future maturing on September 28 appreciated by 0.29% in yesterday’s trading session on rise in domestic markets, weakness in dollar and FII inflows into local shares • Rupee is expected to appreciate amid weakness in dollar and persistent FII inflows. Further, rise in risk appetite in the domestic markets will be support for rupee. However, sharp gains may be prevented on surge in crude oil prices. Additionally, market participants will remain cautious ahead of major economic data’s from US for insight into the possible path of US Fed monetary policy.

Intra-day strategy 

USDINR September futures contract (NSE)
Sell USDINR in the range of 73.60-73.62
Target: 73.30Stop Loss: 73.75
 Support: 73.40/73.30Resistance: 73.75/73.85

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