Moneycontrol PRO
UPCOMING EVENT:Moneycontrol Pro & Espresso (A Sharekhan Company) in association with Intrazon 2.0 bring to you India’s Largest Retail Intraday Traders Online Conference. Learn 12 Amazing Strategies from 12 Intraday Traders @ Rs. 600/-. Register Now!

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.

Intra-day strategy 

US$INR November futures contract (NSE)
Buy USDINR in the range of 74.43-74.45
Target: 74.75Stop Loss: 74.30
Support: 74.30/74.25Resistance: 74.65/74.75

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Close

first published: Nov 23, 2021 08:52 am

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark