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Buy USDINR; target of : 74.70 : ICICI Direct

ICICI Direct, The US dollar declined 0.06% yesterday amid a rise in US stock markets and mixed batch of economic data.

November 24, 2021 / 08:40 AM IST

ICICI Direct's currency report on USDINR

The US dollar declined 0.06% yesterday amid a rise in US stock markets and mixed batch of economic data. US Composite PMI fell to 56.5 in November 2021 from 57.6 in October 2021. However, sharp downside was cushioned as US Federal Reserve Chairman Powell’s nomination for a second term signalled continuity in policy • Rupee future maturing on November 26 depreciated by 0.07% yesterday on strong dollar and persistent FII outflows. However, a sharp fall was prevented on softening of crude oil prices and rise in risk appetite in domestic markets • The rupee is expected to depreciate on firm dollar, consistent FII outflows and bounce back in crude oil prices. Further, investors will remain vigilant ahead of major economic data from US to gauge the health of economy. However, a sharp fall may be prevented on rise in risk appetite in the domestic markets.

Intra-day strategy 

US$INR November futures contract (NSE)
Buy USDINR in the range of 74.38-74.40
Target: 74.70Stop Loss: 74.25
Support: 74.25/74.15Resistance: 74.60/74.70

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first published: Nov 24, 2021 08:40 am

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