ICICI Direct's currency report on USDINR
The US dollar advanced by 0.23% yesterday amid a decline in US stocks market and as investors prepared themselves for possibility of early rate hike. Market participants fear that a rate hike will lead to higher borrowing cost that could dent global growth prospects. Meanwhile, mixed batch of economic data capped further upside in dollar • Rupee future maturing on January 27 depreciated by 0.08% amid weak domestic markets and FII outflows. Additionally, rising crude oil prices renewed fears of inflation and higher interest rates • The rupee is expected to depreciate today amid firm dollar and risk aversion in the global markets. Market sentiments were hurt on fears over monetary tightening across major countries in globe and slowing economic growth. Further, the rupee may slip on elevated crude oil prices and persistent FII outflows.
|US$INR January futures contract (NSE)|
|Buy USDINR in the range of 74.50-74.52|
|Target: 74.75||Stop Loss: 74.35|
|Support: 74.35/74.25||Resistance: 74.65/74.75|
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