Sell USDINR; target of : 77.90: ICICI Direct

ICICI Direct, The dollar depreciated by 0.06% on Tuesday amid rise in risk appetite in the domestic markets.

June 22, 2022 / 09:42 AM IST

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ICICI Direct's currency report on USDINR

The dollar depreciated by 0.06% on Tuesday amid rise in risk appetite in the domestic markets. Further, dollar was pressurized by weak home sales data. Existing home sales in the US declined by 3.4% to a seasonally adjusted annual rate of 5.41 million in May, the lowest since June of 2020 and broadly in line with estimates. Sales went down for a fourth consecutive month as rising mortgage rates and decades high inflation eat into household income • US$INR futures maturing on June 28 edged higher by 0.18% on Tuesday amid persistent foreign fund outflows • The rupee is expected to appreciate today amid weakness in dollar. However, investors will remain vigilant ahead of RBI MPC meeting minutes and Fed Chair Powell testimony. Moreover, jump in crude oil prices may prevent further gains. US$INR is expected to break the levels of 78.00 to trade downwards towards 77.90 level

Intra-day strategy

USDINR June futures contract (NSE)
Sell USDINR in the range of 78.20 - 78.22
Target: 77.90	Stoploss: 78.40
Support: 77.90 - 77.80	Resistance: 78.40 - 78.50

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