Buy USDINR; target of : 76 : ICICI Direct

ICICI Direct, The dollar index declined 0.54% on Friday amid rise in risk appetite in the global markets and decline in US treasury yields.

February 28, 2022 / 09:19 AM IST

Representative image

ICICI Direct's currency report on USDINR

The dollar index declined 0.54% on Friday amid rise in risk appetite in the global markets and decline in US treasury yields. However, improved macroeconomic data from the US and rising tensions in Ukraine cushioned a further decline in the dollar • Rupee February futures appreciated by 0.51% on the back of retreat in dollar and softer crude oil prices • The rupee is expected to depreciate today due to expectations of disappointing GDP data from India. Further, continuous FII fund outflows from domestic markets will weigh on the rupee. Moreover, pessimistic sentiments in the global markets may continue to put pressure on the rupee. Additionally, investors will keep an eye on Chicago PMI data from the US. US$INR (March) is likely to rise towards 76.10 for the day.

Intra-day strategy

US$INR March futures contract (NSE)
Buy US$INR in the range of 75.59- 75.60
Target: 76	Stop Loss: 75.45
Support: 75.45/75.30	Resistance: 76.0/76.25

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