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Buy USDINR; target of :74.60 : ICICI Direct

ICICI Direct, Rupee future maturing on October 27 depreciated by 0.3% on Tuesday’s trading session on a surge in crude oil prices and uptick in the dollar index •

September 29, 2021 / 08:28 AM IST

ICICI Direct's currency report on USDINR

Rupee future maturing on October 27 depreciated by 0.3% on Tuesday’s trading session on a surge in crude oil prices and uptick in the dollar index • The US dollar index rose to its highest in more than five weeks and the Japanese yen dropped vs. both dollar and euro, as rising US and European government bond yields made their currencies more attractive to Japanese buyers • US Treasury yields have surged since the end of last week, after the Federal Reserve said it will likely begin reducing its monthly bond purchases as soon as November and hinted that interest rate hikes may follow more • The rupee is expected to depreciate further on renewed strength in the dollar index along with a rally in crude prices, which is likely to put further pressure on the rupee.

Intra-day strategy 

USDINR October futures contract (NSE)
Buy USDINR in the range of 74.18-74.20
Target: 74.60
Stop Loss: 73.94

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first published: Sep 29, 2021 08:28 am

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