Moneycontrol PRO
Open App

Buy USDINR; target of : 75.55 : ICICI Direct

ICICI Direct, The US dollar increased 0.12% yesterday amid a rise in US treasury yield and robust economic data. Yields rose as worries over a new variant faded, diminishing flight to safety bid.

November 30, 2021 / 09:02 AM IST

ICICI Direct's currency report on USDINR

The US dollar increased 0.12% yesterday amid a rise in US treasury yield and robust economic data. Yields rose as worries over a new variant faded, diminishing flight to safety bid. Further, US President Joe Biden said the country would not reinstate lockdowns this winter • Rupee future maturing on December 29 depreciated by 0.22% yesterday amid month end dollar demand from importers, persistent FII outflows and concern over new virus variant identified in South Africa • The rupee is expected to depreciate further on a strong dollar and persistent FII outflows. Further, investors will remain vigilant ahead of US Federal Reserve Chairman Powell’s testimony before Senate banking committee. However, a sharp fall may be prevented on rise in risk appetite in global markets as investors shrugged off Omicron worries. Additionally, market participants will take cues from India’s GDP data.

Intra-day strategy 

US$INR December futures contract (NSE)
Buy USDINR in the range of 75.23-75.25
Target: 75.55Stop Loss: 75.10
Support: 75.10/75.00Resistance: 75.45/75.55

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.

first published: Nov 30, 2021 08:59 am
Sections
ISO 27001 - BSI Assurance Mark