Buy USDINR; target of 76.30: ICICI Direct

Buy USDINR; target of 76.30: ICICI Direct

ICICI Direct expect the Euro appreciated by 0.30% yesterday on the back of weakness in dollar and rise in risk appetite in global markets.







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December 16, 2021 / 09:50 AM IST





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ICICI Direct's currency report on USDINR

US dollar declined 0.04% yesterday amid a rise in US stocks and disappointing retail sales data. However, a sharp fall was cushioned as the US Fed said they would accelerate pace of monetary tightening, reducing bond purchases by $30 billion a month. Further, most officials indicated they were prepared to raise short term interest rates at least three times next year. Rupee future maturing on December 29 depreciated by 0.60% on a strong dollar, selloff in domestic markets and persistent FII outflows. Additionally, investors remained vigilant ahead of US Federal Reserve monetary policy and economic projections. The rupee is expected to depreciate on a firm dollar, FII outflows and surge in crude oil prices. Further, US Federal Reserve said it will accelerate the reduction of its monthly bond purchases by $30 billion a month. With this pace it will end asset purchases by March and pave the way for