ICICI Direct, The US dollar rebounded 0.18% on the back of risk aversion in the US markets and on higher CPI inflation data from US.
February 11, 2022 / 09:16 AM IST
AGS Transact Technologies IPO
ICICI Direct’s currency report on USDINR
The US dollar rebounded 0.18% on the back of risk aversion in the US markets and on higher CPI inflation data from US. The US CPI inflation accelerated to 7.5% in January of 2022, the highest since February 1982. Elevated inflation boosted expectations for aggressive monetary tightening • Rupee February futures depreciated by 0.16% amid elevated crude oil prices and as Reverse Bank of India kept its interest rate unchanged and said it will continue with its accommodative stance • The rupee is expected to depreciate today due to stronger dollar and on expectations of disappointing manufacturing data from India. Further, pessimistic sentiments in the global markets may continue to put pressure on the rupee. US$ INR (February) is expected to rise further towards 75.50 for the day.
Intra-day strategy
| US$ INR February futures contract (NSE)) | |
| Buy US$ INR in the range of 75.05- 75.07 | |
| Target: 75.30 | Stop Loss: 74.92 |
| Support: 74.92/74.80 | Resistance: 75.30/75.45 |
Disclaimer:
Read More
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
