ICICI Direct, The dollar index edged higher on Tuesday amid improved macroeconomic data from the US and rise in US treasury yields.
February 23, 2022 / 08:56 AM IST
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ICICI Direct’s currency report on USDINR
The dollar index edged higher on Tuesday amid improved macroeconomic data from the US and rise in US treasury yields. Further, risk aversion in global markets and escalating geopolitical tensions in the eastern Europe boosted the dollar • Rupee February futures depreciated by 0.24% on the back of elevated crude oil prices and pessimistic sentiments in the domestic markets • The rupee is expected to depreciate today due to higher crude oil prices. Additionally, consistent FII withdrawal from domestic markets and risk aversion in global markets are expected to weigh on the rupee. US$ INR (February) is likely to rise further towards 75.25 levels for the day.
Intra-day strategy
| US$ INR February futures contract (NSE) | |
| Buy US$ INR in the range of 74.79- 74.80 | |
| Target: 75.10 | Stop Loss: 74.68 |
| Support: 74.68/74.50 | Resistance: 75.10/75.25 |
Disclaimer:
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