ICICI Direct's currency report on USDINR
The US dollar index paused in its rally and steadied near 104.20 as a US debt ceiling deal lifted risk appetite in the world markets and dented the safe haven appeal of the dollar. However, the dollar remained calm yesterday amid a US bank holiday • Rupee future maturing on June 27 depreciated by 0.03% on Monday • The rupee is likely to appreciate amid softness in the dollar and rise in risk appetite in global markets. The progress in the US debt ceiling would dent the safe haven buying in the dollar. Further, expectation of a drop in US CB consumer confidence numbers could also hurt the dollar. The US$INR pair could face a hurdle near 82.80 and move towards 82.40. Only a close below 82.40 would lead to a slide towards 82.30.
Intra-day strategy
| USDINR June futures contract (NSE) | |
| Sell USDINR in the range of 82.72-82.73 | |
| Target:82.55 | Stop Loss: 82.88 |
| Support: 82.55/82.45 | 82.90/83.05 |
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