ICICI Direct, The US dollar declined by 0.08% yesterday amid a rise in US stocks.
December 24, 2021 / 08:40 AM IST
ICICI Direct’s currency report on USDINR
The US dollar declined by 0.08% yesterday amid a rise in US stocks. Market sentiments improved on the back of upbeat news on vaccines and Omicron related hospitalisations. Even the improved economic data from the US signalled economic growth is on track. However, sharp downside was cushioned on a surge in US treasury yields. Yields edged up as core PCE price index reflected elevated inflation • Rupee future maturing on December 29 appreciated by 0.42% on a weak dollar and rise in risk appetite in domestic markets • The rupee is expected to appreciate on weakness in the dollar and rise in risk appetite in the global markets. Market sentiments improved on optimistic news on vaccines and Omicron related hospitalisation and positive economic data from the US economy. However, sharp gains may be capped on a surge in crude oil prices and consistent FII outflows.
Intra-day strategy
| US$ INR December futures contract (NSE) | |
| Sell USDINR in the range of 75.10-75.12 | |
| Target: 74.80 | Stop Loss: 75.25 |
| Support: 74.90/74.80 | Resistance: 75.25/75.35 |
Disclaimer:
Read More
