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Sell USDINR; target of : 75.10 : ICICI Direct

ICICI Direct, US dollar fell by 0.23% yesterday amid disappointing economic data from the US.

October 20, 2021 / 09:15 AM IST

ICICI Direct's currency report on USDINR

US dollar fell by 0.23% yesterday amid disappointing economic data from the US. Housing starts and building permits fell expectedly in September due to acute shortages of raw materials and labour. However, a surge in US treasury yields prevented further downside in the dollar • Rupee future maturing on October 27 depreciated by 0.11% in Monday’s trading session on a strong dollar and rise in crude oil prices. Further, market sentiments were hurt as weaker than expected Chinese GDP data raised concern over a slowdown • The rupee is expected to appreciate on weakness dollar and rise in risk appetite in global markets. Further, FII inflows will be supportive for rupee. However, sharp gains may be prevented on surge in crude oil prices. Further, investors bet that major central banks across globe may need to start tapering stimulus to address stubbornly high inflation.

Intra-day strategy 

USDINR October futures contract (NSE)
Sell USDINR in the range of 75.38-75.40
Target: 75.10Stop Loss: 75.53
Support: 75.15/75.10Resistance: 75.50/75.55

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first published: Oct 20, 2021 09:15 am

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