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ICICI Direct’s currency report on USDINR
The US dollar edged higher on Wednesday after the US Federal Reserve meeting minutes showed policymakers are determined to hike interest rates by 25 bps in the next meeting to tame persistently high inflation. Meanwhile, further upside was capped on a drop in US 10 year’s treasury yields • The rupee future maturing on February 24 depreciated by 0.11% amid a sharp drop in domestic equity markets and strong dollar • The rupee is expected to depreciate for the day amid a strong dollar and FII outflow from domestic equity markets. Meanwhile, investors will closely watch key macro economic data from the US like initial jobless claims and GDP Q4 data to get cues on economic health of the country. US$ INR is likely to break the key resistance level of 83.00 to continue trading in an upward trend towards the level of 83.10 for the day.
Intra-day strategy
| USDINR Feb futures contract (NSE) | |
| Buy USDINR in the range of 82.90-82.91 | |
| Target: 83.10 | Stoploss: 82.77 |
| Support: 82.80/82.70 | Resistance: 83.10/83.20 |
For all Currency report, click here
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23022023 – currency
