ICICI Direct, US dollar index on Tuesday fell by 0.09% and settled near the 101.92 mark following the decline in the US 10 year bond yields and weaker economic numbers.
January 25, 2023 / 10:27 AM IST
ICICI Direct’s currency report on USDINR
US dollar index on Tuesday fell by 0.09% and settled near the 101.92 mark following the decline in the US 10 year bond yields and weaker economic numbers. Manufacturing and Services PMI data showed activity in both sector contracted, signalling a slowdown in the US economy. Furthermore, Richmond manufacturing index slid to a two and half year low of -11 in January • Rupee future maturing on January 27 depreciated by 0.35% to end at 81.67 on Tuesday amid muted domestic markets • The US$ INR pair is likely to face rejection near 81.80-82.00 zone and is expected to slide towards 81.30 following improvement in global risk appetite and weakness in the dollar. Further expectation of weaker US advance GDP numbers, which is due on Thursday could restrict the recovery in dollar. The pair is still hovering below the 20 day EMA, which could act as key resistance. As long as it remains below 81.80 the pair is likely to move towards the immediate support at 81.30.
Intra-day strategy
| USDINR Jan futures contract (NSE) | |
| Sell USDINR in the range of 81.70-81.72 | |
| Target: 81.30 | Stoploss: 81.90 |
| Support: 81.30/81.00 | Resistance: 81.70/81.90 |
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