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Buy USDINR; target of : 75.65 : ICICI Direct

ICICI Direct, US dollar decline by 0.04% on Friday amid fall in US treasury yields. Yields drop on concern that new variant may hurt economic recovery.

December 06, 2021 / 08:57 AM IST

ICICI Direct's currency report on USDINR

US dollar decline by 0.04% on Friday amid fall in US treasury yields. Yields drop on concern that new variant may hurt economic recovery. Further, US Non-farm payrolls data showed employers added 210K jobs in November, that fell short of estimation of 553K jobs. However, expectation of early rate hike remained intact as unemployment rate fell to 21 month low • Rupee future maturing on December 29 depreciated by 0.12% on Friday amid FII outflows and selloff in domestic markets. However, sharp fall was cushioned on better than expected economic data • Rupee is expected to depreciate on pessimistic global market sentiments, strong dollar and persistent FII outflows. Further, emergence of Omicron variant sparked the concern of slowdown in economic recovery. Additionally, investors fear that high inflation could persist for more time pushing major central banks across globe to tighten monetary policies

Intra-day strategy 

US$INR December futures contract (NSE)
Buy USDINR in the range of 75.33-75.35
Target: 75.65Stop Loss: 75.20
Support: 75.20/75.10Resistance: 75.55/75.65

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first published: Dec 6, 2021 08:57 am

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