ICICI Direct's currency report on USDINR
US dollar extended its losses on anticpation that US Federal Reserve will opt for more moderate pace of rate hikes. Market expects US Federal Reserve to raise interest rate by 50bps in December meeting. liquidity remained thinner than usual as US markets remained closed for Thanksgiving • Rupee future maturing on November 28 appreciated by 0.31% yesterday on weakness in dollar, softening of crude oil prices and rise in risk appetite in the global markets • Rupee is expected to appreciate further on positive global market sentiments and weak dollar. Additionally, decline in crude oil prices will reduce oil import bills. Oil prices are plunging on ease in supply concerns as G7 is considering high price cap on Russian Oil. However, sharp gains may be prevented on concern over global economic slowdown. US$INR (November) is facing strong resistance near 82.00 level as long as it sustains below this level it may slip back to 81.45 levels.
|US$INR Nov futures contract (NSE)|
|Sell USDINR in the range of 81.75-81.76|
|Target: 81.45||Stoploss: 81.90|
|Support: 81.55/81.45||Resistance: 81.90/82.00|
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