ICICI Direct, US dollar decline by 0.51% yesterday amid rise in US stock markets.
December 09, 2021 / 08:41 AM IST
MapmyIndia IPO
ICICI Direct’s currency report on USDINR
US dollar decline by 0.51% yesterday amid rise in US stock markets. Market sentiments improved on hopes that Omicron variant would be less harmful to economy than feared and vaccine developers Pfizer and BioNTech said preliminary results showed their vaccines neutralizes new variant after 3 doses. However, sharp downside was cushioned on upbeat job data • Rupee future maturing on December 29 depreciated by 0.08% as RBI kept its benchmark interest rates unchanged and maintained its accommodative policy stance • Rupee is expected to appreciate on weakness in dollar and rise in risk appetite in the global markets. Market sentiments improved as concern about economic hit from new variant eased. However, sharp gains may be prevented on persistent FII outflows and surge in crude oil prices. Additionally, RBI kept its monetary policy unchanged and maintained its accommodative policy stance
Intra-day strategy
| US$ INR December futures contract (NSE) | |
| Sell USDINR in the range of 75.60-75.62 | |
| Target: 75.30 | Stop Loss: 75.75 |
| Support: 75.40/75.30 | Resistance: 75.75/75.85 |
Disclaimer:
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