Buy USDINR; target of 75.50: ICICI Direct

Buy USDINR; target of 75.50: ICICI Direct

ICICI Direct expect the dollar index surged 0.52% on Friday amid pessimistic sentiments in global markets and fears over geopolitical tensions between US and Russia over Ukraine issue. However, weakness in US 10 year treasury yields capped further gains in the dollar.





February 14, 2022 / 09:43 AM IST





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ICICI Direct's currency report on USDINR

The dollar index surged 0.52% on Friday amid pessimistic sentiments in global markets and fears over geopolitical tensions between US and Russia over Ukraine issue. However, weakness in US 10 year treasury yields capped further gains in the dollar. Rupee February futures depreciated by 0.46% on the back of rally in oil prices and dollar strengthening. Further, sell off in domestic markets and disappointing manufacturing data from India weighed on rupee. The rupee is expected to depreciate further today, due to rising crude oil prices and stronger dollar. Additionally, risk aversion in the global markets may strengthen the dollar further. Inventors will now keep an eye on WPI inflation data from India. US$INR (February) is expected to rise further towards 75.80 levels.

The Euro depreciated by 0.67% on Friday amid rally in dollar and selloff in the European markets.