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