ICICI Direct, US dollar rallied on Friday amid weak global market sentiments and rise in US treasury yields.
December 12, 2022 / 10:22 AM IST
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ICICI Direct’s currency report on USDINR
US dollar rallied on Friday amid weak global market sentiments and rise in US treasury yields. Further, PPI data from US stirred hopes that inflation is moderating but also raised fears that Fed will need to keep rates higher for longer • Rupee future maturing on December 28 appreciated by 0.15% on Friday tracking weak dollar and decline in crude oil prices. Meanwhile, pessimistic global market sentiments and FII outflows prevented further gains in rupee • Rupee is likely to appreciate today on the back of weakness in dollar and softening of Crude oil prices. Additionally, rupee may gain strength on the back of expectation of improved economic data from country. India’s CPI data is likely to show that inflation eased to 6.4% in November from 6.77% in October 2022. However, sharp gains may be prevented on weak global market sentiments and FII outflows. USDINR (Dec) is facing strong resistance near 82.70 as long as it sustains below this level pair may move south to 82.25 level.
Intra-day strategy
| US$ INR Dec futures contract (NSE) | |
| Sell USDINR in the range of 82.54-82.55 | |
| Target: 82.25 | Stoploss: 82.70 |
| Support: 82.25/82.15 | Resistance: 82.70/82.80 |
For all Currency report, click here
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12122022 – currency
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