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Sell USDINR; target of : 74.80 : ICICI Direct

ICICI Direct, US dollar declined 0.51% yesterday on weaker than expected economic data from US and as US stocks rose to fresh closing records.

October 29, 2021 / 08:44 AM IST
Kerala had set up India’s first lottery department in 1967.

Kerala had set up India’s first lottery department in 1967.

ICICI Direct's currency report on USDINR

US dollar declined 0.51% yesterday on weaker than expected economic data from US and as US stocks rose to fresh closing records. US GDP data showed economy grew at the slowest pace in the third quarter. GDP grew at annual rate of 2% in Q3 compared to 6.7% in the preceding quarter • Rupee future maturing on November 26 appreciated by 0.19% in yesterday’s trading session as decline in crude oil prices eased worries over imported inflationary pressures. However, sharp gains were prevented on persistent FII outflows and weakness in domestic stock indices • The rupee is expected to appreciate today on weakness in dollar and softening of crude oil prices. However, sharp gains may be prevented on consistent FII outflows and risk aversion in the domestic markets. Further, investors will remain vigilant ahead of India’s fiscal deficit data and US Core PCE price index.

Intra-day strategy 

USDINR November futures contract (NSE)
Sell USDINR in the range of 75.10-75.12
Target: 74.80Stop Loss: 75.25
Support: 74.85/74.80Resistance: 75.25/75.35

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