ICICI Direct, The US dollar slipped from its multiyear high amid profit taking. Further, investors turned hopeful that loosening lockdowns in China can help global growth.
May 24, 2022 / 09:25 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar slipped from its multiyear high amid profit taking. Further, investors turned hopeful that loosening lockdowns in China can help global growth. However, sharp downside was cushioned on surge in US treasury yields • US$ INR futures maturing on May 27 ended lower on Monday amid weak dollar and decline in crude oil prices • The rupee is expected to appreciate today amid retreat in dollar and expectations of further interest rate hike by RBI in June. The RBI governor hinted at another rate hike in June to arrest rising inflation. US$ INR futures traded lower yesterday and closed near their key support levels of 77.62. Move below these levels may accelerate its downward trend towards 77.45 in short term
Intra-day strategy
| USDINR June futures contract (NSE) | |
| Sell USDINR in the range of to 77.62 to 77.60 | |
| Target: 77.46 | Stoploss: 77.72 |
| Support: 77.50 – 77.45 | Resistance: 77.70 – 77.80 |
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