Sell USDINR; target of : 81.40 : ICICI Direct

ICICI Direct's currency report on USDINR

US dollar declined yesterday amid rise in risk appetite in the global markets, disappointing economic data from US and fall in US treasury yields. Stocks closed higher as FOMC meeting minutes showed that most of the officials favoured slowing pace of interest rate hike. Policymakers were even worried over the risk of rapid policy tightening on economic growth and financial stability • Rupee future maturing on November 28 depreciated by 0.30% yesterday on FII outflows and as investors remained cautious ahead of FOMC meeting minutes • Rupee is expected to trade with a positive bias on optimistic global market sentiments, decline in crude oil prices and weakness in dollar. Meanwhile, investors are worried that global economy is deteriorating. Business survey’s pointed decline in output across major countries in globe. US$INR (November) is facing strong resistance near 82.00 level as long as it sustains below this level it may slip back to 81.45 level.

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