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Buy USDINR; target of : 74.90 : ICICI Direct

ICICI Direct, The US dollar advanced 0.05% yesterday amid upbeat economic data from the US.

December 31, 2021 / 09:12 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

The US dollar advanced 0.05% yesterday amid upbeat economic data from the US. US unemployment claims data showed number of people filing for jobless claims fell for week ending December 25. Further, strong data helped ease fears that resurgence of Covid-19 cases would curb economic recovery • Rupee future maturing on January 27 appreciated by 0.44% as concerns over severity of Omicron variant eased. Many countries are trying to limit the economic damage by relaxing rules on isolation. However, firm dollar and muted domestic markets prevented further gains • The rupee is expected to depreciate on a strong dollar and risk aversion in domestic markets. Further, the rupee may slip on persistent FII outflows, surge in crude oil prices and month end dollar demand from importers. Additionally, investors will remain vigilant ahead of economic data from country.

Intra-day strategy 

USDINR January futures contract (NSE)
Buy USDINR in the range of 74.58-74.60
Target: 74.90Stop Loss: 74.45
Support: 74.45/74.35Resistance: 74.80/74.90

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first published: Dec 31, 2021 09:12 am
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