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Buy USDINR; target of : 75.70 : ICICI Direct

ICICI Direct, US dollar increased by 0.26% yesterday amid risk aversion in the global markets.

October 12, 2021 / 08:44 AM IST

ICICI Direct's currency report on USDINR

US dollar increased by 0.26% yesterday amid risk aversion in the global markets. Market sentiments were hurt on concerns that soaring oil prices may stoke fears about rising inflation and tighter monetary policy • Rupee future maturing on October 27 depreciated by 0.51% in yesterday’s trading session on a strong dollar and surge in crude oil prices. Further, the rupee slipped on FII outflows • The rupee is expected to depreciate on a strong dollar, FII outflows and surge in crude oil prices. Further, the rupee may slip on risk aversion in global markets. Market sentiments are weak on worries rising inflation may push major central banks across globe to tighten monetary policy sooner. However, a sharp fall may be prevented on anticipation of improved economic data from country. India CPI data is likely to show inflation eased in September and stayed within RBI’s comfort zone.

Intra-day strategy 

USDINR October futures contract (NSE)
Buy USDINR in the range of 75.38-75.40
Target: 75.70Stop Loss: 75.25
Support: 75.25/75.15Resistance: 75.60/75.70

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first published: Oct 12, 2021 08:42 am

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