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$INR (March) is likely to rise further towards 76.50 for the day.
|US$INR March futures contract (NSE)|
|Buy US$INR in the range of 75.98- 76.00|
|Target: 76.30||Stop Loss: 75.85|
|Support: 75.85/75.60||Resistance: 76.30/76.50|
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