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Buy USDINR; target of : 75.15 : ICICI Direct

ICICI Direct, US dollar rose by 0.24% yesterday amid upbeat economic data from US and surge in US treasury yields.

October 22, 2021 / 09:18 AM IST

ICICI Direct's currency report on USDINR

US dollar rose by 0.24% yesterday amid upbeat economic data from US and surge in US treasury yields. US unemployment claims fell to a 19 month low last week and US homes sales jumped to an eight-month high in September • Rupee future maturing on October 27 appreciated by 0.10% in yesterday’s trading session on weakness in dollar. However, sharp gains were prevented on risk aversion in domestic markets, FII outflows and steady crude oil prices • The rupee is expected to depreciate on strong dollar and mixed Asian markets. Furthermore, market participants will remain vigilant ahead of manufacturing data from major countries across the globe. Additionally, investors will be cautious ahead of BISSARB centenary conference panel discussion where US Fed Chair Powell will speak. However, sharp fall may be prevented on FII inflows and softening of crude oil prices.

Intra-day strategy 

USDINR October futures contract (NSE)
Buy USDINR in the range of 74.83-74.85
Target: 75.15Stop Loss: 74.70
Support: 74.75/74.70Resistance: 75.10/75.15

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first published: Oct 22, 2021 09:18 am

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