Sell USDINR; target of : 82.00 : May 10,2023: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

The US dollar index gained by 0.27% on Tuesday as traders saw no immediate breakthroughs on US debt ceiling talks. Further hawkish comments form the Fed members has also supported the dollar. New York Fed President Williams said he believed interest rates should not be cut this year • Rupee future maturing on May 29 depreciated by 0.33% on Monday on the back of firm dollar • US$INR is likely to face the hurdle near 82.25 and decline towards the 81.90 amid expectation of decline in US core CPI numbers. The US core CPI number is expected to dip towards 5.5% against previous reading of 5.6%. US$INR could face the resistance of higher Bollinger band channel resistance near 82.25 and move back towards the immediate support at 81.90. Only a sustained move above 82.25 would push the pair towards 82.40.

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