Buy USDINR; target of :74.60 : ICICI Direct

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

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.

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