Buy USDINR; target of : 74.55 : ICICI Direct

Buy USDINR; target of : 74.55 : ICICI Direct

ICICI Direct, US dollar declined 0.09% yesterday as investors remained cautious ahead of US inflation data to see whether rising price pressure are accelerating.





November 10, 2021 / 08:44 AM IST





ICICI Direct's currency report on USDINR

US dollar declined 0.09% yesterday as investors remained cautious ahead of US inflation data to see whether rising price pressure are accelerating. Further, US Fed officials said they are not clear that high inflation will become more embedded than previously expected. However, sharp downside was cushioned as US producer prices increased solidly in October • Rupee future maturing on November 26 appreciated by 0.06% yesterday on weakness in dollar. However, further gains were prevented on muted domestic markets and surge in crude oil prices • The rupee is expected to depreciate today on the back of a surge in crude oil prices and risk aversion in global markets. Further, investors will remain vigilant ahead of US CPI data to gauge whether rising price pressure are accelerating. However, a sharp fall may be prevented on IPO related inflows

Intra-day strategy 

US$INR November futures contract (NSE)Buy US$INR in the range of 74.23-74.25Target: 74.55Stop Loss: 74.10 Support: 74.15/74.10Resistance: 74.45/74.55

Disclaimer: 



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