Moneycontrol PRO
Upcoming Event:Super25 3.0- India’s Largest Online Stock Traders Conference brought to you by Moneycontrol Pro & Espresso

Buy USDINR ; target of : 74.75 : ICICI Direct

ICICI Direct, 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.

January 21, 2022 / 08:44 AM IST
Representative image

Representative image

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.

Intra-day strategy 

US$INR January futures contract (NSE)
Buy USDINR in the range of 74.50-74.52
Target: 74.75Stop Loss: 74.35
 Support: 74.35/74.25Resistance: 74.65/74.75

Close

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.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

first published: Jan 21, 2022 08:44 am
Sections
ISO 27001 - BSI Assurance Mark