ICICI Direct, The US dollar retreated from its high amid a decline in US treasury yields.
April 21, 2022 / 08:48 AM IST
ICICI Direct’s currency report on USDINR
The US dollar retreated from its high amid a decline in US treasury yields. Moreover, the Beige book reported the economy expanded at a moderate pace in early spring amid high inflation and geopolitical instability. However, further downside was cushioned on hawkish statement from Fed officials • Rupee future maturing on April 27 appreciated by 0.43% yesterday amid a weak dollar, softening of crude oil prices and rise in risk appetite in domestic markets. Meanwhile, consistent FII outflows prevented further gains • The rupee is expected to appreciate today amid a pullback in dollar from its two year high, easing crude oil prices and optimistic domestic market sentiments. However, sharp gains may be prevented on persistent FII outflows and worries over escalating geopolitical tensions. Also, investors will stay vigilant ahead of major central.
Intra-day strategy
| USDINR April futures contract (NSE) | |
| Sell USDINR in the range of 76.28-76.30 | |
| Target: 76.00 | Stoploss: 76.45 |
| Support: 76.10/76.00 | Resistance: 76.45/76.55 |
Disclaimer:
Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes
Read More
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
