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Buy USDINR; target of : 75.50 : ICICI Direct

ICICI Direct, The rupee future expiring on November 26 declined 0.08% on Wednesday on the back of higher FII money outflows from Indian markets.

October 28, 2021 / 09:36 AM IST

ICICI Direct's currency report on USDINR

The rupee future expiring on November 26 declined 0.08% on Wednesday on the back of higher FII money outflows from Indian markets. However, sharp downside was prevented by lower crude oil prices and decline in dollar • The Dollar index slipped 0.15% in yesterday’s session after a sharp fall in US treasury yields and disappointing goods trade balance data from US. • The rupee is expected to trade on a negative note on the back of higher FPI money outflows. Further, investors will remain vigilant ahead of major central bank monetary policies and key economic data from US • US$INR (November) is expected to face immediate hurdle near 75.35 levels and above which it can march towards 75.50 to 75.80 for intraday.

Intra-day strategy 

USDINR Nov futures contract (NSE)
Buy USDINR in the range of 75.28-75.30
Target: 75.50Stop Loss: 75.18

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