ICICI Direct, US dollar advances amid robust job data from US. Employment report showed that country’s jobless rate is returning to prepandemic levels.
April 04, 2022 / 08:38 AM IST
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ICICI Direct’s currency report on USDINR
US dollar advances amid robust job data from US. Employment report showed that country’s jobless rate is returning to prepandemic levels. Investors anticipate that strong labour market and rising inflationary pressure will force US Federal Reserve to aggressively increase interest rates. Rupee future maturing on April 27 appreciated by 0.32% amid decline in crude oil prices after US announced that it will release 1 million barrels of crude oil per day for six months from strategic petroleum reserves. Rupee is expected to depreciate today amid strong dollar and on anticipation that robust employment report may force Fed to quickly withdraw economic stimulus by raising interest rate in potentially larger intervals. Additionally, India’s Current Account Deficit widens to $ 23 billion or 2,7% of GDP in December quarter. Meanwhile, ease in crude oil prices and rise in risk appetite in the global markets may prevent further downside in Rupee.
Intra-day strategy
| USDINR April futures contract (NSE) | |
| Buy USDINR in the range of 76.08-76.10 | |
| Target: 76.40 | Stop Loss: 75.95 |
| Support: 75.95/75.85 | Resistance: 76.30/76.40 |
Disclaimer:
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