ICICI Direct, Rupee future maturing on October 27 depreciated by 0.25% in Monday’s trading session due to higher crude prices •
October 05, 2021 / 08:48 AM IST
ICICI Direct’s currency report on USDINR
Rupee future maturing on October 27 depreciated by 0.25% in Monday’s trading session due to higher crude prices • The dollar index eased against a basket of currencies on Monday, pulling back from the one-year high hit last week, as traders looked to US jobs data at the end of the week for clues to the Federal Reserve’s next move • The dollar found little support from data on Monday that showed new orders for US-made goods accelerated in August, even as economic growth appeared to have slowed in the third quarter due to shortages of raw material and labour • The rupee is expected to depreciate further as rising crude prices along with tapering fears from the US Fed may put more pressure on the rupee, going forward.
|USDINR October futures contract (NSE)|
|Buy USDINR in the range of 74.40-74.42|
|Stop Loss: 74.24|