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Buy USDINR; target of : 77.15 : ICICI Direct

ICICI Direct, US dollar continued with its upward trend reaching multiyear highs against major currencies like euro, pound and yen.

April 29, 2022 / 09:24 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

US dollar continued with its upward trend reaching multiyear highs against major currencies like euro, pound and yen. Dollar climbed on geopolitical tensions and expectation of aggressive monetary tightening by Fed. US GDP data showed economy contracted in Q1 CY2022 as supply disruptions weighed on output but consumer and business spending accelerated signalling economy remains resilient • Rupee future maturing on May 27 depreciated marginally by 0.01% amid strong dollar. Meanwhile, rise in risk appetite in the domestic market prevented further downside in rupee • Rupee is expected to depreciated today amid firm dollar and surge in crude oil prices. Further, investors anticipate that GDP report from US is unlikely to change Fed plans to raise interest rates rapidly this year. Additionally, escalating geopolitical tensions and persistent FII outflows will hurt market sentiments. Moreover, traders will remain vigilant ahead of major economic data from Europe and US.

Intra-day strategy 

USDINR May futures contract (NSE)
Buy USDINR in the range of 76.83-76.85
Target: 77.15Stoploss: 76.70
Support: 76.70/76.60Resistance: 77.05/77.15

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