ICICI Direct, US dollar rose 1.0% yesterday hitting a 16-month high after US CPI data showed inflation surged to its highest rate since 1990.
November 11, 2021 / 08:39 AM IST
ICICI Direct’s currency report on USDINR
US dollar rose 1.0% yesterday hitting a 16-month high after US CPI data showed inflation surged to its highest rate since 1990. Further, US treasury yields increased on expectations that US Federal Reserve may raise interest rates sooner than anticipated to combat surging inflation. US CPI YoY data showed inflation accelerated by 6.2% in October compared to 5.4% in September. Rupee future maturing on November 26 depreciated by 0.41% yesterday on strong dollar and surge in crude oil prices. Further, the rupee slipped on FII outflows and a muted domestic market.
|US$ INR November futures contract (NSE|
|Buy US$ INR in the range of 74.53-74.55|
|Target: 74.85||Stop Loss: 74.40|
|Support: 74.40/74.30||Resistance: 74.75/74.85|