Buy USDINR; target of : 75.05 : ICICI Direct

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Buy USDINR; target of : 75.05 : ICICI Direct

ICICI Direct, US dollar declined 0.09% yesterday but remained near its 16month high on expectations the US Federal Reserve will hike rates sooner to tackle inflation. November 26, 2021 / 08:37 AM IST ICICI Direct's currency report on USDINR US dollar declined 0.09% yesterday but remained near its 16month high on expectations the US Federal Reserve will hike rates sooner to tackle inflation. Further, a sharp fall was cushioned on hawkish FOMC meeting minutes and robust economic data from the US • Rupee future maturing on November 26 depreciated by 0.10% yesterday on strong dollar and persistent FII outflows. However, a sharp fall was prevented on softening of crude oil prices and positive domestic markets • The rupee is expected to depreciate on a strong dollar, risk aversion in the global markets and persistent FII outflows. Market sentiments were hurt on concerns over new virus variant identified in South Africa. This variant of virus may be able to evade immune responses and may make vaccines less effective. However, a sharp fall may be prevented on softening crude oil prices. Intra-day strategy  US$INR December futures contract (NSE)Buy USDINR in the range of 74.73-74.75Target: 75.05 Stop Loss: 74.60 Support: 74.60/74.50 Resistance: 74.95/75.05 Disclaimer: 

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