ICICI Direct, US dollar increased by 0.19% yesterday on prospects of monetary tightening.
October 26, 2021 / 08:40 AM IST
ICICI Direct’s currency report on USDINR
US dollar increased by 0.19% yesterday on prospects of monetary tightening. Further, hawkish statement from US Federal Reserve Chairman Powell continued to support the dollar. However, sharp upside was capped on positive global markets and decline in US treasury yields • Rupee future maturing on October 27 depreciated by 0.26% in yesterday’s trading session on a strong dollar, persistent FII outflows and high crude oil prices • The rupee is expected to depreciate on strong dollar and continued FII outflows. Additionally, investors may weigh prospects of monetary tightening in major countries across the globe to address stubbornly high inflation. Furthermore, market participants will remain vigilant ahead of major economic data from US. However, a sharp fall may be prevented on optimistic global market sentiments.
Intra-day strategy
| USDINR October futures contract (NSE) | |
| Buy USDINR in the range of 75.03-75.05 | |
| Target: 75.35 | Stop Loss: 74.90 |
| Support: 74.90/74.80 | Resistance: 75.25/75.35 |
Disclaimer:
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