Buy USDINR; target of 75.20: ICICI Direct

Buy USDINR; target of 75.20: ICICI Direct

ICICI Direct expect the US dollar slipped 0.16% on Wednesday amid rise in risk appetite in the global markets and decline in US treasury yields. However, expectation of higher CPI inflation data from US prevented further decline in the dollar.







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February 10, 2022 / 10:05 AM IST





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ICICI Direct's currency report on USDINR

The US dollar slipped 0.16% on Wednesday amid rise in risk appetite in the global markets and decline in US treasury yields. However, expectation of higher CPI inflation data from US prevented further decline in the dollar. Rupee February futures depreciated by 0.09% on the back of retreat in India 10 year treasury yields. However, a sharp downside was prevented on soft dollar. The rupee is expected to depreciate today due to rise in crude oil prices and on expectation of improved economic data from the US. However, optimistic sentiments in the domestic market may continue to support the rupee. Meanwhile, investors will keep an eye on Interest rate decision from the RBI. US$INR (February) is expected to rise further towards 75.35 for the day.

The Euro traded flat on Wednesday on the back