ICICI Direct's currency report on USDINR
Rupee future maturing on October 27 depreciated by 0.17% in Wednesday’s trading session on an uptick in the dollar index and correction in domestic equities • The dollar index was flying high on Wednesday and hit a 2021 peak against rival currencies even though arguing in Washington over the US debt ceiling threatened to plunge the government into a shutdown • US Senate Republicans blocked a bid by President Joe Biden’s Democrats to head off a potentially crippling US credit default, with federal funding due to expire on Thursday and borrowing authority on around October 18 • The rupee is expected to depreciate further on strength in the dollar index along with higher crude prices, which are likely to put further pressure on the rupee.
|USDINR October futures contract (NSE)|
|Buy USDINR in the range of 74.34-74.36|
|Target: 74.60||Stop Loss: 74.20|
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