Buy USDINR; target of : 76.70 : ICICI Direct

Buy USDINR; target of : 76.70 : ICICI Direct

ICICI Direct, Dollar index rallied by 0.72% on Friday on the back of pessimistic sentiments in the global markets and fears over geopolitical tensions in Ukraine.





March 07, 2022 / 09:02 AM IST





ICICI Direct's currency report on USDINR

Dollar index rallied by 0.72% on Friday on the back of pessimistic sentiments in the global markets and fears over geopolitical tensions in Ukraine. Further, the dollar remained firm amid stronger than expected jobs data from US. US unemployment rate slipped to 3.8% in February 2002 from 3.9%, lowest since 2020 • Rupee March futures depreciated by 0.29% amid strong dollar and continued FII outflows from domestic markets • The rupee is expected to depreciate today due to risk aversion in global markets and uptick in dollar. Moreover, rising crude oil prices will continue to put pressure on the rupee. However, expectations of RBI intervention in forex markets may prevent further decline in the rupee. US$INR (March) is likely to rise further towards 76.70 for the day.

Intra-day strategy 

US$INR March futures contract (NSE)Buy US$INR in the range of 76.40- 76.41Target: 76.70Stop Loss: 76.25Support: 76.25/76.15Resistance: 76.70/76.85

Disclaimer: 



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