ICICI Direct, The US dollar rebounded hitting a 16-month high and increased by 0.42% amid a decline in US stock markets and surge in US treasury yields.
November 16, 2021 / 09:11 AM IST
ICICI Direct’s currency report on USDINR
The US dollar rebounded hitting a 16-month high and increased by 0.42% amid a decline in US stock markets and surge in US treasury yields. Further, upbeat economic data from US supported dollar. US empire state manufacturing index improved to 30.9 in November 2021 from 19.8 in October 2021 • Rupee future maturing on November 26 depreciated marginally by 0.04% yesterday due to firm dollar. However, a sharp fall was prevented on enhanced macroeconomic data, FII inflows and softening of crude oil prices • The rupee is expected to depreciate mainly on the back of strong dollar. Further, investors will remain cautious ahead of major economic data from the US and outcome of talks between US President Biden and Chinese President Xi Jinping. However, sharp fall may be prevented on improved macro data and rise in risk appetite in the domestic markets.
Intra-day strategy
| 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: 74.45/74.40 | Resistance: 74.75/74.85 |
Disclaimer:
Read More
