ICICI Direct's currency report on EURINR
US dollar slipped yesterday amid rise in risk appetite in the global markets and decline in US treasury yields. However, hawkish statement’s from Fed official’s prevented further downside in dollar. Federal Reserve bank of Cleveland President Loretta Mester reiterated that getting inflation down remains critical for central bank • Rupee future maturing on November 28 appreciated by 0.09% yesterday on the back of weakness in dollar and optimistic domestic market sentiments • Rupee is expected to trade with a positive bias on weakness in dollar, softening of crude oil prices and rise in risk appetite in the global markets. Meanwhile, sharp gains may be prevented as investors remained focused on the path of US Federal Reserve interest rate increases. Additionally, manufacturing and services pmi data from major countries across that globe are showing activity in both sectors slowed down. US$INR (November) is expected to trade in a range of 81.45-82.00.
|US$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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