ICICI Direct's currency report on USDINR
The US dollar slipped on Friday amid a rise in risk appetite in global markets. Market sentiments improved after data showed inflation is moderating in the US, reinforcing expectations of smaller rate hikes from the Fed. Core PCE Price Index rose 4.7% in November compared to 5% in October. However, sharp downside was cushioned on a surge in US treasury yields • Rupee future maturing on December 28 depreciated by 0.08% on Friday tracking firm dollar and rise in crude oil prices. Further, the rupee was hurt on FII outflows and risk aversion in domestic markets • The rupee is likely to appreciate today mainly on the back of a weak dollar and rise in risk appetite in Asian markets. However, a surge in crude oil prices may prevent sharp gains in domestic currency. Also, as the holiday season started market volume may remain thin. US$INR (December) is facing strong resistance near 83.00 level. As long as it sustains below this level it may slip back to 82.55 level.
Intra-day strategy
| US$INR Dec futures contract (NSE) | |
| Sell USDINR in the range of 82.83-82.85 | |
| Target: 82.55 | Stoploss: 83.00 |
| Support: 82.65/82.55 | Resistance: 83.00/83.10 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
