Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!

Buy USDINR; target of : 76.30 : ICICI Direct

ICICI Direct, The dollar index surged 0.98% on Thursday after Russia launched an invasion of Ukraine, as investors moved towards safe haven assets.

February 25, 2022 / 09:20 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

The dollar index surged 0.98% on Thursday after Russia launched an invasion of Ukraine, as investors moved towards safe haven assets. Further, better-than-expected GDP and initial jobless claims data from the US lifted the dollar. However, sharp gains were capped on a decline in US treasury yields • Rupee February futures depreciated by 1.49% amid stronger dollar and pessimistic sentiments in domestic markets • The rupee is expected to depreciate today due to rising crude oil prices and higher FII fund outflows from domestic markets. Further, risk aversion in global markets and expectations of better personal spending data from the US may continue to support the dollar. US$INR (March) is likely to rise further towards 76.50 for the day.

Intra-day strategy 

US$INR March futures contract (NSE)
Buy US$INR in the range of 75.98- 76.00
Target: 76.30Stop Loss: 75.85
Support: 75.85/75.60Resistance: 76.30/76.50

Close

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.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

first published: Feb 25, 2022 09:20 am
Sections
ISO 27001 - BSI Assurance Mark