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Buy USDINR; target of : 77.00 : ICICI Direct

ICICI Direct, US dollar rallied amid surge in US treasury yields and divergence in global monetary policies.

April 28, 2022 / 08:52 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

US dollar rallied amid surge in US treasury yields and divergence in global monetary policies. US Federal Reserve is expected to be more hawkish than its peers. Additionally, demand for dollar increased on global growth concerns and on hopes that US growth will outpace rest of the world • Rupee future maturing on April 27 appreciated by 0.02% yesterday amid anticipated inflows related to LIC IPO. However, sharp gains were prevented on strong dollar and rise in crude oil prices • Rupee is expected to depreciate today amid strong dollar, rise in crude oil prices and weak global market sentiments. Additionally, investors are concerned over global economic growth outlook as Europe is struggling with fallout from Russia’s invasion of Ukraine and China’s extended lockdown in a bid to curb the spread of Covid-19. Further, market will remain vigilant ahead of GDP data from US. US$INR (May) as long as it sustains above 76.55 it can slip back till 77.00/77.10.

Intra-day strategy 

USDINR May futures contract (NSE)
Buy USDINR in the range of 76.70-76.72
Target: 77.00Stoploss: 76.55
Support: 76.55/76.45Resistance: 77.00/77.10

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