ICICI Direct's currency report on USDINR
The dollar edged lower on Friday by 0.12% as traders pared expectations on US Federal Reserve interest rate hikes and as improving inflation and consumer spending data eased recession fears. Further, dollar was pressurised by drop in US treasury yields. Moreover, Michigan consumer sentiment for the US was revised down to 58.4 in May of 2022, the lowest since August 2011, from a preliminary reading of 59.1. Consumers continued to have negative views on current buying conditions for houses and durables • US$INR futures maturing on May 27 ended slightly higher on Friday amid high crude oil prices • The rupee is expected to appreciate today amid weakness in dollar and expectations of further rate hike by RBI in June. US$INR futures consolidating in the range of 77.60 to 77.90 from last few trading sessions and it is likely to break its key support level at 77.60 to touch 77.45 level. Today US$INR is expected to trade in the range of 77.60 to 77.45.
|USDINR June futures contract (NSE)|
|Buy USDINR in the range of to 77.65 to 97.68|
|Target: 77.50||Stoploss: 77.75|
|Support: 77.45 - 77.35||Resistance: 77.85 - 77.95|
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