ICICI Direct, The US dollar rebounded by 0.08% on Tuesday after US producer prices surged in February as the cost of goods like gasoline increased.
March 16, 2022 / 08:48 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar rebounded by 0.08% on Tuesday after US producer prices surged in February as the cost of goods like gasoline increased. Further, the dollar index remained firm due to a surge in US treasury yields. However, rise in risk appetite in the US markets weighed on the dollar • Rupee March futures appreciated by 0.06% due to muted crude oil prices. However, pessimistic sentiments in domestic markets capped further upsides in the rupee • The rupee is expected to depreciate today amid stronger dollar and expectations of an interest rate hike by the Fed in today’s monetary policy meeting. However, easing crude oil prices will continue to support the rupee. Additionally, investors will keep an eye on series of macro-economic data from the US. Rupee (March) is likely to depreciate towards 77.0 for the day.
Intra-day strategy
| US$ INR March futures contract (NSE) | |
| Buy US$ INR in the range of 76.64- 76.65 | |
| Target: 77.0 | Stop Loss: 76.50 |
| Support: 76.50/76.30 | Resistance: 77.0/77.20 |
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