ICICI Direct, Rupee future maturing on October 27 depreciated by 0.26% in Tuesday’s trading session due to an uptick in dollar index and higher crude prices •
October 06, 2021 / 08:35 AM IST
ICICI Direct’s currency report on USDINR
Rupee future maturing on October 27 depreciated by 0.26% in Tuesday’s trading session due to an uptick in dollar index and higher crude prices • The US dollar index edged back toward a one-year high vs. major peers on Tuesday ahead of a key payrolls report at the end of the week that could boost the case for the Federal Reserve to start tapering stimulus as soon as next month • The dollar has also benefited from safe-haven demand amid worries ranging from the risk of global stagflation to the US debt ceiling standoff • The rupee is expected to depreciate further as rising crude prices along with stronger dollar amid tapering fears from US Fed may put more pressure on the rupee, going forward.
Intra-day strategy
| USDINR October futures contract (NSE) | |
| Buy USDINR in the range of 74.60-74.62 | |
| Target: 74.80 | Stop Loss: 74.50 |
Disclaimer:
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