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Buy USDINR; target of : 75.40 : ICICI Direct

ICICI Direct, US dollar declined 0.27% as US stocks moved higher reaching new records.

November 02, 2021 / 08:29 AM IST

ICICI Direct's currency report on USDINR

US dollar declined 0.27% as US stocks moved higher reaching new records. Further, investors remained cautious ahead of US Federal Reserve monetary policy meeting. However, a sharp fall was cushioned on better-than-expected ISM Manufacturing PMI data • Rupee future maturing on November 26 depreciated by 0.04% in yesterday’s trading session on a firm dollar, persistent FII outflows and rise in crude oil prices. However, a sharp fall was prevented on improved manufacturing PMI data from the country • The rupee is expected to depreciate today on a surge in crude oil prices and consistent FII outflows. Additionally, investors will remain vigilant ahead of monetary policy meeting outcome of major central banks across globe. However, a sharp fall may be prevented on weakness in dollar, enhanced economic data from country and rise in risk appetite in the global markets

Intra-day strategy 

USDINR November futures contract (NSE)
Buy USDINR in the range of 75.08-75.10
Target: 75.40Stop Loss: 74.95
Support: 75.00/74.95Resistance: 75.35/75.40

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first published: Nov 2, 2021 08:29 am

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