Buy USDINR; target of : 83.00 : ICICI Direct

ICICI Direct, The US dollar rose on Tuesday amid stronger than expected economic data from the US. The US services sector expanded in early February with S&P Global services PMI rising to 50.5 from 46.8 in January.

February 22, 2023 / 10:22 IST

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ICICI Direct's currency report on USDINR

The US dollar rose on Tuesday amid stronger than expected economic data from the US. The US services sector expanded in early February with S&P Global services PMI rising to 50.5 from 46.8 in January. This reading surpassed the market expectation of 47.2. Additionally, the manufacturing PMI edged higher to 47.8 from 46.9, compared to estimate of 47.3 The rupee future maturing on February 24 depreciated by 0.10% amid strong dollar and drop in domestic equity markets • The rupee is expected to depreciate for the day amid a strong dollar and weakness in domestic equity markets. Meanwhile, investors will closely watch RBI MPC meeting minutes for more cues on RBI interest rate tightening path. US$INR is likely to surpass the hurdle of 82.90 to continue its upward trend towards the level of 83.00 for the day.

Intra-day strategy

USDINR Feb futures contract (NSE)
Buy USDINR in the range of 82.80-82.81
Target: 83.00	Stoploss: 82.67
Support: 82.70/82.60	Resistance: 83.00/83.10

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