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Buy USDINR; target of : 75.25 : ICICI Direct

Buy USDINR; target of : 75.25 : ICICI Direct
October 25
15:08 2021

ICICI Direct, US dollar by 0.14% on Friday amid positive global markets and decline in US treasury yield.

October 25, 2021 / 08:32 AM IST

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

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

ICICI Direct’s currency report on USDINR

US dollar by 0.14% on Friday amid positive global markets and decline in US treasury yields. Dollar pared its losses after Federal Reserve Chairman Powell said central bank was in track to start tapering its stimulus soon but should not yet raise interest rates • Rupee future maturing on October 27 depreciated by 0.02% in Friday’s trading session on risk aversion in domestic markets, FII outflows and steady crude oil prices • The rupee is expected to depreciate on strong dollar and risk aversion in the domestic markets. Furthermore, the Indian currency may slip on persistent FII outflows and surge in crude oil prices. Also, US Federal Reserve Chairman Powell signalled bond tapering. Further, RBI monetary policy meeting minutes showed that policymakers are of the view that continued monetary support is required as economic recovery remains fragile.

Intra-day strategy 

USDINR October futures contract (NSE)
Buy USDINR in the range of 74.93-74.95
Target: 75.25Stop Loss: 74.8
Support: 74.80/74.70Resistance: 75.15/75.25

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