ICICI Direct, US dollar rebounds on weak global market sentiments and hawkish statement from Fed officials.
November 29, 2022 / 09:16 AM IST
Representative image
ICICI Direct’s currency report on USDINR
US dollar rebounds on weak global market sentiments and hawkish statement from Fed officials. St Louis Fed President Bullard said Fed needs to raise interest rates quite a bit further and then hold them throughout next year and into 2024 to gain control of inflation and New York Fed President John Williams said “there is still more world to do” to bring down prices • Rupee future maturing on December 28 appreciated by 0.12% on softening of crude oil prices, FII inflows and optimistic domestic market sentiments • Rupee is likely to depreciate today amid re-bounce in dollar and weak global market sentiments. Market sentiments are hurt on concern over widespread protest across China and hawkish comments from Fed officials. US$ INR (December) may take support near 81.60 levels. As long as it sustains above this level it may rise to 82.05 levels.
Intra-day strategy
| US$ INR Dec futures contract (NSE) | |
| Buy USDINR in the range of 81.74-81.75 | |
| Target: 82.05 | Stoploss: 81.60 |
| Support: 81.60/81.50 | Resistance: 82.05/82.15 |
For all Currency report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
29112022 – currency
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
