ICICI Direct, The dollar index declined 0.40% amid easing geopolitical tensions between Russia and Ukraine.
February 16, 2022 / 09:24 AM IST
ICICI Direct’s currency report on USDINR
The dollar index declined 0.40% amid easing geopolitical tensions between Russia and Ukraine. Further, rise in risk appetite in the global markets added downside pressure to the dollar. However, surge in US 10 year treasury yields and higher than expected PPI data from US prevented further downside in dollar • Rupee February futures appreciated by 0.45% due to decline in dollar index and increase in risk appetite in the domestic markets • The rupee is expected to appreciate today due to optimistic sentiments in the domestic markets and weakness in the dollar. Further, easing crude oil prices may continue to provide support to the rupee. However, continuous FII outflows from domestic markets may cap further upside in the rupee. US$ INR (February) is expected to correct further towards 75.0 levels for the day.
Intra-day strategy
| US$ INR February futures contract (NSE) | |
| Sell US$ INR in the range of 75.35- 75.36 | |
| Target: 75.05 | Stop Loss: 75.50 |
| Support: 75.05/74.90 | Resistance: 75.50/75.70 |
Disclaimer:
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