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Sell USDINR; target of : 75.30 : ICICI Direct

Sell USDINR; target of : 75.30 : ICICI Direct
October 13
09:09 2021

ICICI Direct, US dollar increased yesterday amid risk aversion in the global markets and on anticipation that rising energy prices would fuel inflation and push US Fed to start tapering sooner•

October 13, 2021 / 08:55 AM IST

rupee big_26776720

rupee big_26776720

ICICI Direct’s currency report on USDINR

US dollar increased yesterday amid risk aversion in the global markets and on anticipation that rising energy prices would fuel inflation and push US Fed to start tapering sooner • Rupee future maturing on October 27 depreciated by 0.14% in yesterday’s trading session on strong dollar, surge in crude oil prices and FII outflows. Additionally, investors remained vigilant ahead of macroeconomic data • The rupee is expected to appreciate on a weak dollar, improved macroeconomic data and rise in risk appetite in the global markets. India CPI data showed that inflation eased to a five month low of 4.35% in September and remained within RBI’s comfort zone. Market sentiments may improve as US House of Representatives approved legislation to temporarily raise government borrowing limit averting default. However, investors will remain vigilant ahead of FOMC meeting minutes.

Intra-day strategy 

USDINR October futures contract (NSE)
Sell USDINR in the range of 75.60-75.62
Target: 75.30Stop Loss: 75.75
Support: 75.30/75.20Resistance: 75.75/75.85

Disclaimer: 

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