ICICI Direct, The US dollar advanced by 0.24% on Friday as Federal Reserve officials said the central bank may need to be more aggressive to deal with inflation.
March 21, 2022 / 09:51 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar advanced by 0.24% on Friday as Federal Reserve officials said the central bank may need to be more aggressive to deal with inflation. However, sharp upsides were restricted on a decline in US treasury yields and unsatisfactory data from the US. US existing home sales dropped to 6.02 million units in February 2022 compared to 6.10 million units in the previous month • Rupee March futures appreciated by 0.55% on Thursday due to positive sentiments in the domestic markets • The rupee is expected to depreciate today amid firm dollar. Further, rising crude oil prices will weigh on the rupee. However, optimistic sentiment sentiments in the domestic markets will continue to support the rupee. Additionally, investors will remain cautious ahead of US Fed Powell speech. US$ INR (March) is expected to rise towards 76.30 for the day.
Intra-day strategy
| US$ INR March futures contract (NSE) | |
| Buy US$ INR in the range of 75.89- 75.90 | |
| Target: 76.15 | Stop Loss: 75.75 |
| Support: 76.15/76.30 | Resistance: 76.15/76.30 |
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