ICICI Direct, The US dollar rallied by 0.29% yesterday amid a surge in US treasury yields and decline in US stocks.
March 22, 2022 / 08:58 AM IST
Representative image: Source: Reuters
ICICI Direct’s currency report on USDINR
The US dollar rallied by 0.29% yesterday amid a surge in US treasury yields and decline in US stocks. Further, the dollar rose after Federal Reserve Chairman Jerome Powell reiterated that the central bank is committed to control inflation through a rapid series of interest rate hikes • Rupee future maturing on March 29 depreciated by 0.55% amid strong dollar, risk aversion in domestic markets and surge in crude oil prices • The rupee is expected to depreciate today amid a firm dollar, weaker financial markets. Market sentiments are hurt on fears that rate hike will lead to higher borrowing cost denting global growth prospects. Further, elevated oil prices have prompted concerns on sustained high inflation, lower economic growth. Also, rupee may slip further on capital outflows due to sustained selling by FPIs.
Intra-day strategy
| US$ INR March futures contract (NSE) | |
| Buy USDINR in the range of 76.38-76.40 | |
| Target: 76.70 | Stop Loss: 76.25 |
| Support: 76.25/76.15 | Resistance: 76.60/76.70 |
Disclaimer:
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