ICICI Direct, US dollar rose 0.28% as the US Federal Reserve started its two day policy meeting, where investors expect the central bank to announce tapering.
November 03, 2021 / 08:43 AM IST
ICICI Direct’s currency report on USDINR
US dollar rose 0.28% as the US Federal Reserve started its two day policy meeting, where investors expect the central bank to announce tapering. However, sharp upside was capped on a rise in risk appetite in the global markets • Rupee future maturing on November 26 appreciated by 0.28% in yesterday’s trading session tracking weakness in the dollar and FII inflows. However, sharp gains were prevented on steady crude oil prices and muted domestic markets • The rupee is expected to depreciate today on strong dollar and mixed Asian markets. Market sentiments were hurt on worries about contagion from Evergrande groups debt crisis. 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 IPO related inflows and softening of crude oil prices.
Intra-day strategy
| USDINR November futures contract (NSE) | |
| Buy USDINR in the range of 74.88-74.90 | |
| Target: 75.20 | Stop Loss: 74.75 |
| Support: 74.80/74.75 | Resistance: 75.15/75.20 |
Disclaimer:
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