ICICI Direct, The US dollar index posted modest gains on Friday amid a rise in US treasury yields.
January 30, 2023 / 09:54 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar index posted modest gains on Friday amid a rise in US treasury yields. Furthermore, the dollar got support as US Michigan January consumer sentiment climbed to a nine-month high and December pending home sales unexpectedly increased by 2.5% against previous reading of -2.6%. Meanwhile, further gains were prevented as expectations of the Fed nearing the end of rate hike cycle got reinforced after data showed US consumer spending fell for a second consecutive month in December and Core PCE price index eased to 4.4% in December from 4.7% in November • Rupee future maturing on February 24 appreciated by 0.07% on Friday amid weakness in dollar • The rupee is likely to appreciate today amid weakness in the dollar and rise in risk appetite in global markets. Market sentiments are expected to improve further on hopes the US Fed will reduce the pace of rate hike in the upcoming meeting following softness in the US inflation print. US$ INR is likely to face rejection near the 20 day EMA at 81.80 and move towards the immediate support at 81.30.
Intra-day strategy
| USDINR Feb futures contract (NSE) | |
| Sell USDINR in the range of 81.78-81.80 | |
| Target: 81.30 | Stoploss: 81.95 |
| Support: 81.30/81.10 | Resistance: 81.95/82.05 |
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