ICICI Direct, The US dollar retreated from its 16-month high and declined 0.02% amid disappointing economic data from the US and surge in stock markets.
November 15, 2021 / 09:05 AM IST
ICICI Direct’s currency report on USDINR
The US dollar retreated from its 16-month high and declined 0.02% amid disappointing economic data from the US and surge in stock markets. US preliminary MoM Consumer sentiment index fell to its lowest level in decade • Rupee future maturing on November 26 appreciated by 0.06% on Friday due to FII inflows and rise in risk appetite in the domestic markets. Further, the rupee advanced on expectation of improved macroeconomic data and easing of crude oil prices • The rupee is expected to appreciate on the back of weakness in dollar and rise in risk appetite in the global markets. Further, softening of crude oil prices and FII inflows will be supportive for rupee. Additionally, India CPI data showed inflation rose marginally in October but remained under RBI’s comfort zone for a fourth consecutive month. India inflation rose to 4.48% in October 2021 from 4.35% in September 2021.
Intra-day strategy
| US$ INR November futures contract (NSE) | |
| Sell US$ INR in the range of 74.53-74.55 | |
| Target: 74.25 | Stop Loss: 74.70 |
| Support: 74.30/74.25 | Resistance: 74.65/74.70 |
Disclaimer:
Read More
