ICICI Direct, The US dollar retreated from its 16-month high and declined 0.14% yesterday amid a fall in US treasury yields and disappointing economic data from the US.
November 18, 2021 / 08:57 AM IST
ICICI Direct’s currency report on USDINR
The US dollar retreated from its 16-month high and declined 0.14% yesterday amid a fall in US treasury yields and disappointing economic data from the US. Housing starts fell 0.7% in October 2021 compared to the preceding month • Rupee future maturing on November 26 appreciated by 0.17% yesterday on softening of crude oil prices and as some foreign banks sold dollar for corporates • The rupee is expected to appreciate today as the dollar climbed down from its 16-month high and softening of crude oil prices. Decline in crude oil prices may ease worries over imported inflationary pressures. However, sharp gains may be prevented on risk aversion in Asian markets and FII outflows from local shares. Additionally, investors will remain vigilant ahead of economic data from the US and Fed policymakers statements to get hints on future monetary stance. US$ INR (November) is expected to trade in a range of 74.15-74.50.
GBPINR strategy
| GBPINR November futures contract (NSE) | |
| Buy GBPINR in the range of 100.23-100.25 | |
| Target: 100.55 | Stop Loss: 100.10 |
| Support: 100.10/100.00 | Resistance: 100.45/100.55 |
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