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Buy USDINR; target of :74.25 : ICICI Direct

ICICI Direct, The U.S. dollar index gained for a second straight session on Monday, bolstered by the rise in Treasury yields ahead of a slew of Federal Reserve speakers this week who could reinforce expectations of the start of asset purchase tapering before the end of the year.

September 28, 2021 / 08:51 AM IST
Kerala had set up India’s first lottery department in 1967.

Kerala had set up India’s first lottery department in 1967.

ICICI Direct's currency report on USDINR

The U.S. dollar index gained for a second straight session on Monday, bolstered by the rise in Treasury yields ahead of a slew of Federal Reserve speakers this week who could reinforce expectations of the start of asset purchase tapering before the end of the year. Rupee future maturing on October 27 depreciated by 0.09% on Monday’s trading session on surge in crude oil prices and uptick in dollar index. Rupee is expected to depreciate further on strength in dollar index along with rising crude prices which are likely to put further pressure on the rupee. However, persistent FII inflows will be supportive for rupee and sharp losses may be prevented. Furthermore, Central bank speakers will be in focus this week, with Fed Chair Jerome Powell joining Treasury Secretary Janet Yellen in speaking to Congress.

Intra-day strategy 

USDINR October futures contract (NSE)
Buy USDINR in the range of 73.90-73.92
Target: 74.25
Stop Loss: 73.73

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first published: Sep 28, 2021 08:43 am

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