Sell USDINR; target of: 73.48 : ICICI Direct

ICICI Direct's currency report on USDINR

US dollar increased by 0.04% yesterday on hawkish statements from Fed officials. Federal Reserve officials signalled possible tapering of asset purchases this year. However, sharp upsides were capped as market participants remained vigilant ahead of inflation data from the US • Rupee future maturing on September 28 depreciated by 0.24% in yesterday’s trading session on strong dollar and weak domestic stock indices • The rupee is expected to appreciate amid weakness in dollar and rise in risk appetite in the global markets. Further, India CPI data showed inflation eased to 5.3% in August 2021 and remained within RBI’s comfort zone for a second consecutive month. However, sharp gains may be prevented on a surge in crude oil prices and ongoing concerns that rising Covid-19 cases may derail global economic growth.

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