Sell USDINR; target of : 81.45 : ICICI Direct

ICICI Direct's currency report on USDINR

US dollar extended its losses on anticpation that US Federal Reserve will opt for more moderate pace of rate hikes. Market expects US Federal Reserve to raise interest rate by 50bps in December meeting. liquidity remained thinner than usual as US markets remained closed for Thanksgiving • Rupee future maturing on November 28 appreciated by 0.31% yesterday on weakness in dollar, softening of crude oil prices and rise in risk appetite in the global markets • Rupee is expected to appreciate further on positive global market sentiments and weak dollar. Additionally, decline in crude oil prices will reduce oil import bills. Oil prices are plunging on ease in supply concerns as G7 is considering high price cap on Russian Oil. However, sharp gains may be prevented on concern over global economic slowdown. US$INR (November) is facing strong resistance near 82.00 level as long as it sustains below this level it may slip back to 81.45 levels.

Intra-day strategy

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

25112022 - currency