ICICI Direct, The US dollar declined by 0.12% on Friday amid a rise in US stocks and decline in US treasury yields.
December 13, 2021 / 08:55 AM IST
MapmyIndia IPO
ICICI Direct’s currency report on EURINR
The US dollar declined by 0.12% on Friday amid a rise in US stocks and decline in US treasury yields. Further, the dollar lost some ground as US CPI data showed inflation came in roughly in line with expectations. Investors anticipate that recent surge in inflation will not force the Fed to move any quicker than it had already planned. US CPI rose 6.8% in November 2021, largest annual gain since 1982 • Rupee future maturing on December 29 depreciated by 0.17% on weak domestic market and strong dollar. Further, investors remained vigilant ahead of inflation data from the US • The rupee is expected to appreciate on a weak dollar, rise in risk appetite in global markets. Additionally, investors will remain vigilant ahead of CPI data from the country, which is likely to show inflation accelerated in November 2021 but remained in RBI’s comfort zone for a fifth consecutive month. However, sharp gains may be prevented on persistent FII outflows.
Intra-day strategy
| US$ INR December futures contract (NSE) | |
| Sell USDINR in the range of 75.90-75.92 | |
| Target: 75.60 | Stop Loss: 76.05 |
| Support: 75.70/75.60 | Resistance: 76.05/76.15 |
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