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Sell USDINR; target of : 73.55 : ICICI Direct

ICICI Direct, US dollar increase by 0.32% on Friday amid uncertainty over struggling Chinese property developer Evergrande.

September 27, 2021 / 08:51 AM IST

ICICI Direct's currency report on USDINR

US dollar increase by 0.32% on Friday amid uncertainty over struggling Chinese property developer Evergrande. Further, improved economic data from US and hawkish statements from Fed officials supported dollar. Fed officials signaled end to monthly bond purchases and possible rate hike next year • Rupee future maturing on September 28 depreciated by 0.04% on Friday’s trading session on surge in crude oil prices and uptick in dollar index • Rupee is expected to appreciate on weakness in dollar and rise in risk appetite in the domestic markets. Further, persistent FII inflows will be supportive for rupee. However, sharp gains may be prevented on surge in crude oil prices. Furthermore, investors will remain vigilant ahead of policymakers speeches of major central bank’s across the globe to get hint on future monetary stance.

Intra-day strategy 

USDINR September futures contract (NSE)
Sell USDINR in the range of 73.85-73.87
Target: 73.55Stop Loss: 74.0
 Support: 73.60/73.55Resistance: 73.95/74.00

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first published: Sep 27, 2021 08:51 am

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