ICICI Direct's currency report on USDINR
US dollar rallied amid risk aversion in the US markets and on expectations that Fed will aggressively hike rates. Market sentiments were hurt on concern over rising inflation and slowing growth in China, which is second largest economy in the world. Higher inflation is weighing on companies and consumers, while monetary tightening in major countries in the world threaten to drag on growth • Rupee future maturing on April 27 appreciated by 0.17% yesterday amid rise in risk appetite in the domestic markets and softening of crude oil prices • Rupee is expected to depreciate today on the back of strong dollar and pessimistic global market sentiments. Market sentiments were hurt on concerns over rising inflationary pressure, global supply chain disruption and resurgence of Covid-19 cases in China and strict lockdown impacting global economic growth. Additionally, FII outflows and surge in crude oil prices will hurt domestic currency.
|USDINR May futures contract (NSE)|
|Buy USDINR in the range of 76.85-76.87|
|Target: 77.15||Stoploss: 76.70|
|Support: 76.70/76.60||Resistance: 77.05/77.15|
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