ICICI Direct’s currency report on USDINR
The US dollar fell on Monday after last week’s strong rally amid drop in US 10 years treasury yields and rise in risk appetite in global markets. Further, market participants awaited inflation data from the US that will help assess where monetary policy is headed • Rupee future maturing on February 24 depreciated by 0.13% amid rise in crude oil prices and weak domestic markets. Further, the rupee slipped on worries that the US Fed would keep its interest rates high for longer • The rupee is expected to appreciate today amid weakness in the dollar and optimistic global market sentiments. Moreover, investors will closely watch CPI data from the US, which is expected to show annual inflation in the US declined from 6.5% to 6.2%. Meanwhile, sharp gains may be prevented as India’s inflation accelerated more than expected in January and moved above RBI comfort zone. The US$ INR is likely to drop towards the level of 82.50.
Intra-day strategy
| USDINR Feb futures contract (NSE) | |
| Sell USDINR in the range of 82.75-82.76 | |
| Target: 82.50 | Stoploss: 82.90 |
| Support: 82.50/82.40 | Resistance: 82.90/83.00 |
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14022023 – currency
