ICICI Direct, US dollar slipped yesterday amid decline in US treasury yields.
December 02, 2022 / 09:05 AM IST
Representative image
ICICI Direct’s currency report on USDINR
US dollar slipped yesterday amid decline in US treasury yields. Further, Core PCE Price index showed that the inflation moderated in October adding to expectations that Fed may reduce the pace of rate hike. On top of it, US ISM manufacturing pmi data displayed activity in sector contracted for the first time in 2½ years in November • Rupee future maturing on December 28 appreciated by 0.17% amid weakness in dollar and positive domestic market sentiments. However, sharp gains were prevented on FII outflows and surge in crude oil prices • Rupee is likely to appreciate today majorly on the back of weak dollar. Dollar is showing weakness on anticipation that central bank will reduce the pace of rate hike. Additionally, market participants will remain cautious ahead of key job report from US as it influence’s Fed policy decision. Meanwhile, surge in crude oil prices may prevent sharp gains in rupee. USDINR (Dec) may trade in a range of 81.05- 81.50.
Intra-day strategy
| US$ INR Dec futures contract (NSE) | |
| Sell USDINR in the range of 81.34-81.35 | |
| Target: 81.05 | Stoploss: 81.50 |
| Support: 81.15/81.05 | Resistance: 81.50/81.60 |
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.
02122022 – currency
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
