ICICI Direct, US dollar declined 0.27% as US stocks moved higher reaching new records.
November 02, 2021 / 08:29 AM IST
ICICI Direct’s currency report on USDINR
US dollar declined 0.27% as US stocks moved higher reaching new records. Further, investors remained cautious ahead of US Federal Reserve monetary policy meeting. However, a sharp fall was cushioned on better-than-expected ISM Manufacturing PMI data • Rupee future maturing on November 26 depreciated by 0.04% in yesterday’s trading session on a firm dollar, persistent FII outflows and rise in crude oil prices. However, a sharp fall was prevented on improved manufacturing PMI data from the country • The rupee is expected to depreciate today on a surge in crude oil prices and consistent FII outflows. Additionally, investors will remain vigilant ahead of monetary policy meeting outcome of major central banks across globe. However, a sharp fall may be prevented on weakness in dollar, enhanced economic data from country and rise in risk appetite in the global markets
Intra-day strategy
| USDINR November futures contract (NSE) | |
| Buy USDINR in the range of 75.08-75.10 | |
| Target: 75.40 | Stop Loss: 74.95 |
| Support: 75.00/74.95 | Resistance: 75.35/75.40 |
Disclaimer:
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