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Buy USDINR; target of: 73.85 : ICICI Direct

ICICI Direct, US dollar increased 0.28% on Friday amid a surge in US treasury yields and risk aversion in the global markets.

September 20, 2021 / 08:47 AM IST

ICICI Direct's currency report on USDINR

US dollar increased 0.28% on Friday amid a surge in US treasury yields and risk aversion in the global markets. Further, market participants hope to get more clarity from the Fed regarding the schedule for tapering of asset purchases • Rupee future maturing on September 28 appreciated by 0.03% in Friday’s trading session on FII inflows into local shares. However, sharp gains were prevented on strong dollar and surge in crude oil prices • The rupee is expected to depreciate on strong dollar and risk aversion in the global markets. Market sentiments were hurt on concerns over China market, potential US corporate tax hike and on fears that rising delta variant may derail global economic growth. Additionally, market participants will remain vigilant ahead of Fed policy meeting to look for indications when the bank will start tapering its stimulus.

Intra-day strategy 

USDINR September futures contract (NSE)
Buy USDINR in the range of 73.55-73.57
Target: 73.85Stop Loss: 73.40
Support: 73.40/73.35Resistance: 73.75/73.85

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first published: Sep 20, 2021 08:47 am

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