ICICI Direct, The US dollar rebounded and closed above the 102 mark on a thin trading day as US markets were closed on Monday.
January 17, 2023 / 09:53 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar rebounded and closed above the 102 mark on a thin trading day as US markets were closed on Monday. The broader trend seems to be weaker as expectations of a smaller size rate hike in the coming policy meeting has improved following a decline in inflation numbers. Now the major focus shifts towards BoJ’s policy, which is due on Wednesday • Rupee future maturing on January 27 depreciated by 0.22% to settle at 81.64 on Monday amid continuous foreign fund outflows and recovery in the dollar index • The rupee is likely to remain in an appreciation mode following weakness in the dollar amid hopes of a less hawkish Fed and rise in global risk appetite. US$ INR is likely to face resistance near 81.80, followed by 82.00 and decline towards the initial supports at 81.30 and 81.10. At the upper end, the 50 day EMA at 82 would act as key resistance for the pair.
Intra-day strategy
| USDINR Jan futures contract (NSE) | |
| Sell USDINR in the range of 81.75-81.80 | |
| Target: 81.30 | Stoploss: 82.00 |
| Support: 81.30/81.10 | Resistance: 81.80/82.00 |
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17012023 – currency
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