Sell USDINR ; target of : 74.70 : ICICI Direct

Sell USDINR ; target of : 74.70 : ICICI Direct

ICICI Direct, The US dollar slipped 0.40% on Monday on the back of a rise in risk appetite in the global markets and decline in US treasury yields.





February 01, 2022 / 08:48 AM IST





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ICICI Direct's currency report on USDINR

The US dollar slipped 0.40% on Monday on the back of a rise in risk appetite in the global markets and decline in US treasury yields. However, a sharp downside was prevented on better than expected macroeconomic data from the US • Rupee future maturing on February 25 appreciated by 0.53% amid decline in dollar and improved India’s GDP growth forecast for FY22 • The rupee is expected to appreciate today due to weakness in the dollar and increase in risk appetite in the global markets. However, sharp gains may be capped on elevated crude oil prices and higher FII outflows from domestic markets. Further, investors will remain cautious ahead of the Union Budget. US$INR (February) is expected to correct further towards 74.50.

Intra-day strategy 

USDINR February futures contract (NSE)Sell USDINR in the range of 74.92-74.94Target: 74.70Stop Loss: 75.06 Support: 74.70/74.50Resistance: 75.06/75.20

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