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Sell USDINR; target of 73.55: ICICI Direct

The US dollar declined 0.37% yesterday on a rise in risk appetite in global markets. Further, disappointing economic data from the country added to downside pressure. However, a sharp fall was cushioned on a surge in US treasury yields.

September 24, 2021 / 09:31 AM IST
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ICICI Direct's currency report on USDINR

The US dollar declined 0.37% yesterday on a rise in risk appetite in global markets. Further, disappointing economic data from the country added to downside pressure. However, a sharp fall was cushioned on a surge in US treasury yields.

Rupee future maturing on September 28 appreciated by 0.24% in yesterday’s trading session on weakness in the dollar and rise in stock indices.

The rupee is expected to appreciate on weakness in dollar and rise in risk appetite in the global markets. Asian stocks are trading in the green after US shares rallied. Further, consistent FII inflows will be supportive for the rupee. However, sharp gains may be prevented on a surge in crude oil prices. Furthermore, investors will remain cautious ahead of US Federal Reserve Chairman Powell’s speech and negotiation over US President Joe Biden’s $3.5 trillion spending proposal.

Intra-day strategy 
USDINR September futures contract (NSE)
Buy USDINR in the range of 73.85-73.87
Target: 73.55Stop Loss: 74
Support: 73.60/73.55Resistance: 73.95/74.00

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first published: Sep 24, 2021 09:31 am

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