ICICI Direct, The US dollar declined 0.71% yesterday amid a fall in US treasury yields and rise in risk appetite in global markets.
January 10, 2023 / 10:28 AM IST
Budget 2023
ICICI Direct’s currency report on USDINR
The US dollar declined 0.71% yesterday amid a fall in US treasury yields and rise in risk appetite in global markets. Market sentiments improved after China reopened its borders while US treasury yields drifted lower as investors expect the Fed to slow the pace of rate hike. Apart from this, the market believes the Fed will not raise rates beyond 5% as inflation and the economy cools • Rupee future maturing on January 27 appreciated by 0.39% yesterday tracking weakness in the dollar. Further, a rise in risk appetite in global markets supported the domestic currency • The rupee is likely to appreciate further today amid weakness in the dollar and rise in risk appetite in global markets. Market sentiments improved on optimism over a gradual reopening of the Chinese economy and on expectations that the US Fed may further dial back the size of its rate hike. Meanwhile, investors will remain cautious ahead of US Fed Chair Powell’s speech to get hints on future monetary stance. US$ INR (January) is expected to trade in a range of 82.15-82.60.
Intra-day strategy
| USDINR Jan futures contract (NSE) | |
| Sell USDINR in the range of 82.44-82.45 | |
| Target: 82.15 | Stoploss: 82.60 |
| Support: 82.15/82.05 | Resistance: 82.60/82.75 |
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10012023 – currency
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