ICICI Direct, The US dollar slipped after Bank of Japan (BoJ) shocked markets with a surprise tweak to its bond yield programme.
December 21, 2022 / 09:23 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar slipped after Bank of Japan (BoJ) shocked markets with a surprise tweak to its bond yield programme. BoJ decided to let long term yields move 50 bps on either side of its 0% target, wider than 25 bps band previously. Additionally, disappointing housing data added downside pressure. However, a surge in US treasury yields prevented a further fall in the dollar • Rupee future maturing on December 28 depreciated by 0.10% yesterday amid risk aversion in domestic markets and rise in crude oil prices • The rupee is likely to appreciate today tracking weakness in dollar. Meanwhile, sharp gains may be prevented on pessimistic global market sentiments and re-bounce in crude oil prices. Additionally, market participants will keep an eye on major economic data from the US to gauge the economic health of the country. US$ INR (December) is facing strong resistance near 82.97. As long as it sustains below this level it may slip further till 82.50.
Intra-day strategy
| US$ INR Dec futures contract (NSE) | |
| Sell USDINR in the range of 82.78-82.80 | |
| Target: 82.50 | Stoploss: 82.95 |
| Support: 82.50/82.30 | Resistance: 82.95/83.05 |
For all Currency report, click here
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21122022 – currency
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