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Buy USDINR; target of :74.60 : ICICI Direct

ICICI Direct, 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 •

September 30, 2021 / 09:20 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

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.

Intra-day strategy 

USDINR October futures contract (NSE)
Buy USDINR in the range of 74.34-74.36
Target: 74.60Stop Loss: 74.20

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first published: Sep 30, 2021 09:20 am

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