ICICI Direct, The dollar index slipped by 1.06% on Wednesday amid optimistic sentiments in financial markets.
March 10, 2022 / 08:51 AM IST
ICICI Direct’s currency report on USDINR
The dollar index slipped by 1.06% on Wednesday amid optimistic sentiments in financial markets. However, further downsides were cushioned on higher-than-expected JOLTs job openings data from the US • Rupee March futures appreciated by 0.41% on the back of muted crude oil prices and decline in dollar. However, continued FII funds outflows from domestic markets weighed on the rupee • The rupee is expected to appreciate today due to easing crude oil prices and softer dollar. Moreover, a rise in risk appetite in global markets may continue to support the rupee. However, expectations of higher consumer price reading from the US is expected to provide some support to the dollar. US$ INR (March) is expected to move towards 76.25 for the day.
Intra-day strategy
| US$ INR March futures contract (NSE) | |
| Sell US$ INR in the range of 76.74- 76.75 | |
| Target: 76.45 | Stop Loss: 76.90 |
| Support: 76.45/76.25 | Resistance: 76.90/77.10 |
Disclaimer:
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