ICICI Direct's currency report on USDINR
The US dollar index remained largely unchanged yesterday as investors stay cautious ahead of next week’s key FOMC meeting. The rise in US treasury yields to a one-week high has provided some support to the dollar. Also, better-than-expected US trade balance numbers supported the dollar to stay above the 104 mark • The rupee maturing on June 27 appreciated by 0.11% on Wednesday amid a soft dollar • The rupee is likely to remain under pressure ahead of key RBI policy due today, where the central bank is likely to keep rates unchanged. However, rising probability of no hike in June and expectation of disappointing weekly jobless claims data from the US could hurt the dollar. US$INR is expected to face a hurdle near 82.80 and move back towards 82.40. Only a close below 82.40 would weaken the pair towards 82.20.
Intra-day strategy
| US$INR June futures contract (NSE) | |
| Sell USDINR in the range of 82.74-82.75 | |
| Target:82.45 | Stop Loss: 82.85 |
| Support: 82.40/82.30 | 82.85/82.95 |
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