ICICI Direct, The US dollar edged lower yesterday amid a rise in risk appetite in global markets.
March 23, 2022 / 09:02 AM IST
ICICI Direct’s currency report on USDINR
The US dollar edged lower yesterday amid a rise in risk appetite in global markets. However, sharp downside was cushioned on uptick in US treasury yields, improved economic data from the US and hawkish statement from Fed official. St Louis Fed President James Bullard stressed the need for the Fed to move faster and more aggressively on rate hike to combat high inflation • Rupee future maturing on March 29 appreciated by 0.04% due to rise in domestic markets coupled with easing of crude oil prices • The rupee is expected to appreciate today amid a soft dollar and rise in risk appetite in the global markets. Meanwhile, investors will remain vigilant ahead of US Federal Reserve Chairman Jerome Powell’s speech. Additionally, capital outflows due to sustained selling by FPI’s will hurt the rupee. Market participants fear that support for European ban on Russian oil is growing inside the bloc, raising the possibility of volatility in crude oil prices.
Intra-day strategy
| US$ INR March futures contract (NSE) | |
| Sell USDINR in the range of 76.20-76.22 | |
| Target: 75.90 | Stop Loss: 76.35 |
| Support: 76.00/75.90 | Resistance: 76.35/76.45 |
Disclaimer:
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