Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!

Buy USDINR ; target of : 75.35 : ICICI Direct

ICICI Direct, The US dollar surged 0.56% on Wednesday amid hawkish statement from US Fed and on improved economic data from the US.

January 27, 2022 / 09:48 AM IST
Representative image

Representative image

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.

Intra-day strategy 

USDINR February futures contract (NSE)
Buy USDINR in the range of 75.0-75.03
Target: 75.35Stop Loss: 74.88
 Support: 74.88/74.68Resistance: 75.35/75.50

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 27, 2022 09:48 am
Sections
ISO 27001 - BSI Assurance Mark