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Buy USDINR; target of : 75.45 : ICICI Direct

ICICI Direct, US dollar increase by 0.15% yesterday amid decline in US stock markets and better than expected economic data from US. ISM Manufacturing PMI data showed activity in sector picked up, and US private payrolls suggested solid job growth.

December 02, 2021 / 09:01 AM IST

ICICI Direct's currency report on USDINR

US dollar increase by 0.15% yesterday amid decline in US stock markets and better than expected economic data from US. ISM Manufacturing PMI data showed activity in sector picked up, and US private payrolls suggested solid job growth. Further, US Fed Chair Powell reiterated that it would be appropriate for central bank to consider accelerating the reduction of its bond buying program in December meeting • Rupee future maturing on December 29 appreciated by 0.30% yesterday amid rise in risk appetite in domestic markets and upbeat economic data from country • Rupee is expected to depreciate on risk aversion in the global markets, strong dollar and persistent FII outflows. Market sentiments are hurt as US confirmed its first case of new Omicron variant, triggering fresh wave of uncertainty. However, sharp fall may be prevented on robust economic data from country

Intra-day strategy 

US$INR December futures contract (NSE)
Buy US$INR in the range of 75.13-75.15
Target: 75.45Stop Loss: 75.00
Support: 75.00/74.90Resistance: 75.35/75.45

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first published: Dec 2, 2021 09:01 am

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