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Sell USDINR; target of : 81.20 : ICICI Direct

ICICI Direct, The US dollar index continued to trade near its seven month low at 102 as a weaker set of economic numbers increased the fears of a recession in the US economy.

January 20, 2023 / 09:16 AM IST
Changes to section 80C could help people in better tax planning.

Changes to section 80C could help people in better tax planning.

ICICI Direct's currency report on USDINR

The US dollar index continued to trade near its seven month low at 102 as a weaker set of economic numbers increased the fears of a recession in the US economy. The data released on Thursday indicates the weakness in the housing sector. The housing starts declined to a two-year low at 1.38 million whereas building permits weakened to 1.33 mn against market expectation of 1.35 mn • Rupee future maturing on January 27 depreciated by 0.12% to settle at 81.44 on Thursday amid weak domestic market sentiments • The rupee is likely to appreciate towards the zone of 81.20 amid weakness in dollar. Further, anticipation of a disappointing Existing home sales data from the US could weaken the dollar. The sluggishness in housing sector and moderating inflation numbers have fuelled expectations that the Fed will reduce the magnitude of rate hike. US$INR is facing the key resistance of 50 day EMA 82, which could act as key level for the pair. Below 81.20, it would slide to 80.80.

Intra-day strategy

USDINR Jan futures contract (NSE)
Sell USDINR in the range of 81.60-81.62
Target: 81.20Stoploss: 81.80
Support: 81.20/81.00Resistance: 81.62/81.80
For all Currency report, click here

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