Sell USDINR; target of : 76.70 : ICICI Direct

Sell USDINR; target of : 76.70 : ICICI Direct

ICICI Direct, The US dollar rallied yesterday due to risk aversion in the global markets and hawkish statements from Fed officials.





March 24, 2022 / 09:07 AM IST





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ICICI Direct's currency report on USDINR

The US dollar rallied yesterday due to risk aversion in the global markets and hawkish statements from Fed officials. San Francisco Fed President Mary Daly and Cleveland Fed President Loretta Mester indicated a bigger hike in central bank’s next meeting. Surge in crude oil prices, worries over stagflation rattled investors • Rupee future maturing on March 29 depreciated by 0.20% amid strong dollar and surge in crude oil prices. Rising oil prices renewed worries about inflation • The rupee is expected to depreciate today amid strong dollar and risk aversion in global markets. Further, the rupee may slip on persistent FII outflows and surge in crude oil prices. Investors are worried that rising commodity prices will add additional upward pressure on already high inflation due to supply chain bottlenecks. Further, market participants will remain vigilant ahead of manufacturing PMI data from the US,UK and Europe.

Intra-day strategy 

US$INR March futures contract (NSE)Buy USDINR in the range of 76.38-76.40Target: 76.70Stop Loss: 76.25Support: 76.25/76.15Resistance: