Buy USDINR; target of : 76.45 : ICICI Direct

Buy USDINR; target of : 76.45 : ICICI Direct

ICICI Direct, The dollar index advanced by 0.39% on Thursday after hawkish comments from US Federal Reserve Chair Powell.





March 04, 2022 / 09:13 AM IST





Source: Reuters



ICICI Direct's currency report on USDINR

The dollar index advanced by 0.39% on Thursday after hawkish comments from US Federal Reserve Chair Powell. Moreover, risk aversion in global markets and improved initial jobless claims data from the US continued to support the dollar. However, a decline in US treasury yields capped further gains in the dollar • Rupee March futures depreciated by 0.30% on the back of elevated crude oil prices and sell-off in domestic markets • The rupee is expected to depreciate today due to stronger dollar and higher FII fund outflows from domestic markets. At the same time, pessimistic sentiments in global markets may weigh on the rupee. Additionally, investors will remain cautious ahead of a series of macroeconomic data from the US. US$INR (March) is likely to head further towards 76.50 for the day.

Intra-day strategy 

US$INR March futures contract (NSE)Buy US$INR in the range of 76.14- 76.15Target: 76.45Stop Loss: 76.0 Support: 76.0/75.80Resistance: 76.45/76.60

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