ICICI Direct, The US dollar declined further on Friday amid expectations that the US Fed will slow the pace of interest rate hikes.
January 02, 2023 / 10:30 AM IST
Total expenditure in April-Nov was Rs 24.42 lakh crore, or 61.9% of the budget estimate
ICICI Direct’s currency report on USDINR
The US dollar declined further on Friday amid expectations that the US Fed will slow the pace of interest rate hikes. However, sharp downside was prevented as the Chicago PMI in the US increased to 44.9 points in December 2022, recovering slightly from a 30-month low of 37.20 points hit in November. Additionally, an uptick in US 10 year’s treasury yields supported the dollar • Rupee future maturing on January 27 appreciated by 0.14% amid weakness in the dollar. However, a decline in forex reserves from $ 563.50 billion to $ 562.81 billion limited gains • The rupee is likely to appreciate today primarily on the back of a weaker dollar. Moreover, expectations that the country’s current account deficit had likely peaked may help the rupee. On the other hand, a rise in crude oil prices may pressurise the rupee. US$ INR (January) may trade in a range of 82.70-82.93 for the day.
Intra-day strategy
| USDINR Jan futures contract (NSE) | |
| Sell USDINR in the range of 82.83-82.84 | |
| Target: 82.70 | Stoploss: 82.93 |
| Support: 82.70/82.60 | Resistance: 82.93/83.03 |
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02012023 – currency
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