ICICI Direct, The US dollar closed with marginal gains on Tuesday amid a rise in US treasury yields.
January 11, 2023 / 09:55 AM IST
Indian Rupee
ICICI Direct’s currency report on USDINR
The US dollar closed with marginal gains on Tuesday amid a rise in US treasury yields. Further, two Fed members in comments highlighted that interest rates would need to rise above 5% to control inflation. Meanwhile, Fed Chair Jerome Powell did not comment on the policy outlook ahead of key inflation print. Improved market sentiments after China reopened its borders and a recovery in US equities restricted sharp gains in the dollar index • Rupee future maturing on January 27 appreciated by 0.75% yesterday after it breached the lower bound of the four week consolidation range and the psychological support at 82.00. The rupee gained strength on hopes that the US Fed would slow the pace of rate hikes • The rupee is likely to appreciate further today amid a rise in risk appetite in global markets and softening of crude oil price. Further expectation of a decline in US CPI numbers could force the Fed to change its hawkish stance, leading to a weakening dollar. US$ INR (January) is expected to trade in a range of 81.40-82.20 with weaker bias.
Intra-day strategy
| USDINR Jan futures contract (NSE) | |
| Sell USDINR in the range of 82.05-82.07 | |
| Target: 81.62 | Stoploss: 82.24 |
| Support: 81.62/81.40 | Resistance: 82.24/82.41 |
For all Currency report, click here
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11012023 – currency
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