ICICI Direct, US dollar retreated from its 15-month high and declined 0.3% yesterday as US stocks closed at record highs.
November 09, 2021 / 09:34 AM IST
ICICI Direct’s currency report on USDINR
US dollar retreated from its 15-month high and declined 0.3% yesterday as US stocks closed at record highs. Market sentiments improved on passage of $ 1 trillion infrastructure bill and on signs that economic recovery in US remains on track. However, sharp downside was cushioned on hawkish statements from US Federal Reserve officials • Rupee future maturing on November 26 appreciated by 0.48% yesterday on IPO related inflows and rise in risk appetite in the domestic markets. However, further gains were prevented on firm dollar • Rupee is expected to appreciate today on the back of weakness in dollar and optimistic domestic markets. Further, IPO related inflows may support rupee. However, sharp gains may be prevented on proliferated crude oil prices and as investors will remain vigilant ahead of US Federal Reserve speech. US$ INR (November) is expected to trade in a range of 74.00-74.40
Intra-day strategy
| GBPINR November futures contract(NSE) | |
| Buy GBPINR in the range of 100.28-100.3 | |
| Target: 100.65 | Stop Loss: 100.10 |
| Support: 100.10/100.0 | Resistance: 100.65/100.75 |
Disclaimer:
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