Buy USDINR; target of: 73.90 : ICICI Direct
ICICI Direct, US dollar increased by 0.35% yesterday amid a surge in US treasury yields and decline in US stock markets.
September 17, 2021 / 08:32 AM IST
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ICICI Direct's currency report on USDINR
US dollar increased by 0.35% yesterday amid a surge in US treasury yields and decline in US stock markets. Further, the dollar gained strength as retail sales data unexpectedly increased in August easing some concerns over slowdown in economy. Additionally, US jobless claims rose last week but remained near pandemic low • Rupee future maturing on September 28 depreciated by 0.02% in yesterday’s trading session on a strong dollar and surge in crude oil prices • The rupee is expected to depreciate on a strong dollar. Additionally, market participants will remain vigilant ahead of Fed policy meeting scheduled next week to look for indication when the bank will start tapering its stimulus. Further, surge in crude oil prices may hurt the rupee. However, a sharp fall may be prevented on rise in risk appetite in domestic markets, FII inflows.
|USDINR September futures contract (NSE)|
|Buy USDINR in the range of 73.60-73.62|
|Target: 73.90||Stop Loss: 73.45|
| Support: 73.45/73.35||Resistance: 73.80/73.90|