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Buy USDINR; target of: 74.48 : ICICI Direct

US dollar declined 0.11% amid rise in risk appetite in global markets.

August 27, 2021 / 09:57 AM IST

ICICI Direct's currency report on USDINR

• US dollar declined 0.11% amid rise in risk appetite in global markets. Market sentiments improved after USFDA granted full approval to Pfizer’s Covid-19 vaccine • Rupee future maturing on August 27 ended flat in yesterday’s trading session • The rupee may gain strength in early trading session on weakness in dollar and rise in risk appetite in the global markets. Market sentiments improved as US House passed a measure approving $3.5 trillion budget blueprint and USFDA granted full approval to Covid-19 vaccine developed by Pfizer. However, in the later trading session, the rupee may give up its strength as market participants are worried that spread of highly infectious delta variant may derail the global economic recovery. Additionally, markets will remain vigilant ahead of the Jackson Hole Symposium.

Intra-day strategy 

 
US$INR August futures contract (NSE)View: Bearish on US$INR
Sell USDINR in the range of 74.25-74.28Market Lot: US$1000
Target: 73.95Stop Loss: 74.40
Support: 74.0/73.95Resistance: 74.40/74.48

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first published: Aug 27, 2021 09:57 am
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