ICICI Direct's currency report on USDINR
The US dollar surged 0.56% on Wednesday amid hawkish statement from US Fed and on improved economic data from the US. The US Fed said it is likely to increase interest rates and plans to end its QE programme in March • Rupee future maturing on January 27 depreciated by 0.23% on the back of stronger dollar index and higher FII outflows. However, further downsides were prevented as risk appetite in the domestic markets increased • The rupee is expected to depreciate today due to higher crude oil prices and concerns over rising geopolitical tensions between the US and Russia. Further, expectations of better-than-expected GDP data from the US and hawkish statement from the US Federal Reserve Chair Powell may continue to put pressure on the rupee. US$INR (February) is expected to rise towards 75.35.
|USDINR February futures contract (NSE)|
|Buy USDINR in the range of 75.0-75.03|
|Target: 75.35||Stop Loss: 74.88|
|Support: 74.88/74.68||Resistance: 75.35/75.50|
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