Buy USDINR; target of : 82.30 : June 21, 2023: ICICI Direct

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.

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