ICICI Direct, US dollar slipped yesterday amid rise in risk appetite in the global markets.
July 26, 2022 / 09:11 AM IST
Representative image
ICICI Direct’s currency report on USDINR
US dollar slipped yesterday amid rise in risk appetite in the global markets. Further, investors are awaiting Federal Reserve’s latest policy, where central is widely expected to raise interest rates by 75bps to tame stubbornly high inflation. Market fears that Fed aggressive tightening will lead US economy into recession• Rupee future maturing on July 27 appreciated by 0.17% yesterday amid weakness in dollar and softening of crude oil prices. Meanwhile, persistent FII outflows and weak domestic markets prevented further gains in rupee • Rupee is expected to depreciate today amid risk aversion in the global markets, FII outflows and bounce back in crude oil prices. Further, market participants fear that aggressive monetary tightening by major central banks across the globe to cool soaring inflation will lead economies into recession. Additionally, investors will remain vigilant ahead of major economic data from US and FOMC meeting outcome. US$ INR (July) is expected to trade in a range of 79.55-80.00.
Intra-day strategy
| USDINR July futures contract (NSE) | |
| Buy USDINR in the range of 79.70-79.72 | |
| Target: 80.0 | Stoploss: 79.55 |
| Support: 79.55/79.45 | Resistance: 80.00/80.10 |
Disclaimer:
26072022 – currency
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