ICICI Direct's currency report on USDINR
The US dollar index rose marginally by 0.05% on Tuesday as the building permits in the United States increased by 5.2% to a seasonally adjusted annual rate of 1.491 million in May 2023, following two consecutive months of decline and surpassing market expectations of 1.42 million. However, further upside was capped on sharp drop in US 10-year treasury yields • The rupee future maturing on June 27 depreciated by 0.20% on Tuesday amid strong US dollar • The rupee is likely to depreciate today amid strength in US dollar index. Further, investors will remain cautious ahead of the Fed Chair Powell Testimony to get more cues on interest rate trajectory. US$INR is expected to break the level of 82.15 to continue its upward trend towards the level of 82.30.
Intra-day strategy
| US$INR June futures contract (NSE) | |
| Buy US$INR in the range of 82.14-82.15 | |
| Target:82.30 | Stop Loss: 82.05 |
| Support: 82.10/82.00 | Resistance: 82.30/82.40 |
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.
