ICICI Direct, The US dollar rebounded 0.53% on Thursday amid pessimistic sentiments in global markets and on higher consumer price inflation data from the US.
March 11, 2022 / 09:32 AM IST
ICICI Direct’s currency report on USDINR
The US dollar rebounded 0.53% on Thursday amid pessimistic sentiments in global markets and on higher consumer price inflation data from the US. The US annual inflation rate accelerated to 7.9% in February 2022, the sharpest annual spike in 40 years. Going ahead, elevated inflation has opened the door for the US Fed to start raising the benchmark interest rate in the next policy meeting • Rupee March futures appreciated by 0.32% due to optimistic sentiments in domestic markets. However, sharp upsides were cushioned on elevated crude oil prices • The rupee is expected to depreciate today amid stronger dollar. Additionally, investors will keep an eye on Industrial production data from India. US$ INR (March) is expected to rise towards 76.90.
Intra-day strategy
| US$ INR March futures contract (NSE) | |
| Buy US$ INR in the range of 76.59- 76.60 | |
| Target: 76.90 | Stop Loss: 76.45 |
| Support: 76.45/76.20 | Resistance: 76.90/77.10 |
Disclaimer:
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