ICICI Direct, The US dollar surged 0.22% on Monday amid risk aversion in the global markets.
January 25, 2022 / 09:04 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar surged 0.22% on Monday amid risk aversion in the global markets. Further, rising tensions between Russia and the US over Ukraine issue lifted the dollar index. However, disappointing macroeconomic data from the US and decline in US treasury yields added downside pressure to the dollar index • Rupee future maturing on January 27 depreciated by 0.22% on the back of stronger dollar index and higher FII outflows from the domestic equity markets • The rupee is expected to depreciate today amid uptick in dollar index and concerns over ongoing geopolitical tensions between the US and Russia. Further, risk aversion in global markets and expectations of a more hawkish stance from the US Federal Reserve this week may continue to put pressure on the rupee. US$ INR (January) is expected to rise towards 74.95 for the day.
Intra-day strategy
| USDINR January futures contract (NSE) | |
| Buy USDINR in the range of 74.62-72.64 | |
| Target: 74.95 | Stop Loss: 74.49 |
| Support: 74.49/74.37 | Resistance: 74.95/75.10 |
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