Buy USDINR; target of : 75.45 : ICICI Direct

ICICI Direct’s currency report on USDINR

The US dollar declined by 0.74% on Friday amid a decline in US treasury yields. Yields fell as investors sought safe haven assets on worries over a new variant identified in South Africa • Rupee future maturing on December 29 depreciated by 0.53% on Friday amid risk aversion in the global markets and persistent FII outflows. Market sentiments were hurt on concerns over a new virus variant identified in South Africa, which may be able to evade immune responses • The rupee is expected to continue its depreciation on risk aversion in the global markets and persistent FII outflows. Further, investors fear that new series of restrictions to slow down the spread of new variant will hurt global economic recovery. WHO declared Omicron a “variant of concern’’. However, a sharp fall may be prevented on decline in crude oil prices and weakness in dollar

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