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Buy USDINR; target of: 73.85 : ICICI Direct

ICICI Direct, US dollar increased 0.02% yesterday as it tried to recover from its drop after US Federal Reserve Chairman Powell indicated that central banks may start tapering their bond buying programme by year end but he was in no hurry to hike rates.

August 31, 2021 / 09:06 AM IST

ICICI Direct's currency report on USDINR

US dollar increased 0.02% yesterday as it tried to recover from its drop after US Federal Reserve Chairman Powell indicated that central banks may start tapering their bond buying programme by year end but he was in no hurry to hike rates. However, further upside was capped on weaker-than-expected economic data • Rupee future maturing on September 28 appreciated by 0.48% in yesterday’s trading session on weakness in dollar, FII inflows and positive domestic markets • The rupee is expected to trade with a negative bias on risk aversion in global markets and surge in crude oil prices. Further, market participants will keep an eye on GDP data from the country to get clues on economic revival. Additionally, concern on uptick in daily Covid-19 cases in India may hurt the rupee. However, weakness in dollar may prevent a sharp fall in rupee.

Intra-day strategy 

US$INR September futures contract (NSE)View: Bullish on US$INR
Buy USDINR in the range of 73.52-73.55Market Lot: US$1000
Target: 73.85Stop Loss: 73.40
Support: 73.40/73.30Resistance: 73.75/73.85

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first published: Aug 31, 2021 09:06 am
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