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Sell USDINR; target of : 80.90 : ICICI Direct

ICICI Direct, The US dollar index failed to recover from its seven month low and closed below the 102 mark as a weaker set of economic numbers triggered fears of a recession in the US economy.

January 23, 2023 / 09:10 AM IST
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ICICI Direct's currency report on USDINR

The US dollar index failed to recover from its seven month low and closed below the 102 mark as a weaker set of economic numbers triggered fears of a recession in the US economy. Further, weakness in US existing home sales, which marked an eleventh straight month of decline, added downward pressure on the dollar. US existing home sales dropped to the lowest level since November 2010 • Rupee future maturing on January 27 appreciated by 0.29% to settle at 81.21 on Friday amid weakness in the dollar • The rupee is expected to appreciate against the dollar on the back of rising risk appetite in the domestic market and weakness in the dollar. The weaker set of economic numbers and moderating inflation in the US could force the Fed to dial back its aggressive rate hike policy. The CME Fed watch tool suggests the probability of a 25 bps hike has increased above 97%. US$INR has breached the 100 day EMA support at 81.48 and is expected to weaken towards the next support at 80.80, followed by 80.60.

Intra-day strategy

USDINR Jan futures contract (NSE)
Sell USDINR in the range of 81.25-81.27
Target: 80.90Stoploss: 81.45
Support: 80.90/80.80Resistance: 81.45/81.60
For all Currency report, click here

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