Buy USDINR; target of : 74.75 : ICICI Direct
ICICI Direct, The US dollar rose 0.52% yesterday amid a decline in US stock markets and surge in US treasury yields.
November 23, 2021 / 08:52 AM IST
ICICI Direct's currency report on USDINR
The US dollar rose 0.52% yesterday amid a decline in US stock markets and surge in US treasury yields. Further, dollar the rallied on reports that Federal Reserve Chairman Jerome Powell was nominated for a second term by President Joe Biden • Rupee future maturing on November 26 depreciated by 0.13% yesterday on strong dollar, risk aversion in domestic markets and FII outflows • The rupee is expected to depreciate on risk aversion in domestic markets and strong dollar. The dollar is gaining strength on bets that the central bank will raise rates sooner to tackle higher inflation following news that US Federal Reserve Chair Powell was nominated for a second term by President Joe Biden. Further, investors will remain vigilant ahead of Manufacturing and Services PMI data from major countries across the globe to gauge the health of the economy. However, a sharp fall may be prevented on softening of crude oil prices.
|US$INR November futures contract (NSE)|
|Buy USDINR in the range of 74.43-74.45|
|Target: 74.75||Stop Loss: 74.30|
|Support: 74.30/74.25||Resistance: 74.65/74.75|