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Sell USDINR; target of: 73.00 : ICICI Direct

ICICI Direct, US dollar declined 0.12% amid weaker-than-expected jobs data.

September 02, 2021 / 08:51 AM IST

ICICI Direct's currency report on USDINR

US dollar declined 0.12% amid weaker-than-expected jobs data. US ADP Employment report showed private payrolls rose by 374,000 in August 2021 compared to 326,000 in the preceding month but well short of 613,000 forecast. However, a sharp fall was prevented as manufacturing PMI data showed activity in the sector grew in August • Rupee future maturing on September 28 depreciated by 0.14% in yesterday’s trading session on firm dollar and weak stock indices. However, a sharp fall was prevented on FII inflows • The rupee is expected to trade with a positive bias on rise in risk appetite in global markets, weakness in dollar and persistent FII inflows. Further, softening of crude oil prices will support rupee. Opec and its allies said they agreed to continue their existing policy of gradual output increases. However, sharp gains may be prevented on concern over uptick in daily Covid-19 cases in India.

Intra-day strategy 

US$INR September futures contract (NSE)View: Bearish on US$INR
Sell USDINR in the range of 73.28-73.30Market Lot: US$1000
Target: 73.00Stop Loss: 73.43
Support: 73.10/73.00Resistance: 73.43/73.55

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first published: Sep 2, 2021 08:28 am

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