Buy USDINR; target of : 81.90 : ICICI Direct

Last date for the submission of bids by the interested parties is December 3 (Representative image)

ICICI Direct's currency report on USDINR

The US dollar appreciated by almost 0.30% on Friday amid a rise in US 10 year’s treasury yields and as investors continued to make bets on the US Federal Reserve's interest rate hiking path. Further, stronger than expected existing home sales data from the US supported dollar • Rupee future maturing on November 28 depreciated on Friday amid a drop in domestic equity markets and rise in US dollar index. However, sharp depreciation was prevented on weakness in crude oil prices • The rupee is expected to trade with a negative bias for the day amid strong dollar and pessimistic global market sentiments. Further, statements of Fed officials signalled that central bank would continue to lift rates to combat inflation. However, a sharp fall in the rupee may be prevented on softening of crude oil prices. US$INR (November) is likely to continue its uptrend towards 82.00 level.

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