Buy USDINR; target of 75.02: ICICI Direct

Kerala had set up India’s first lottery department in 1967.

ICICI Direct’s currency report on USDINR

Rupee future maturing on October 27 appreciated by 0.42% in Thursday’s trading session due to a pullback in the dollar index and crude prices along with positive domestic equities. The dollar index barely moved against a basket of currencies on Thursday, as investors awaited the release of US labour market data that could provide clues to the timing of the Federal Reserve’s next move as it looks to normalise policy. The number of Americans filing new claims for jobless benefits fell last week but layoffs increased from a 24-year low in September in part as hospitals fired unvaccinated staff and lack of workers forced closures of facilities. The rupee is expected to depreciate from current levels as expectations of a positive US jobs report is likely to support the dollar in the near term.

ECB’s latest policy meeting minutes showed on Thursday that policymakers had already started worrying about upside risks when they met on September 8-9. ECB chief Christine Lagarde played down inflation fears at a news conference after the meeting but has since struck a more balanced tone while many of her colleagues have flagged their concerns in private and public conversations. A sudden, sharp rise in eurozone inflation may prove durable if workers start expecting higher prices and demand wage increases, European Central Bank board member Isabel Schnabel said.

Intra-day strategy 

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Read More