ICICI Direct’s currency report on USDINR
US dollar increased by 0.05% yesterday amid risk aversion in the global markets. Market sentiments were hurt on worries over consequences from China’s Evergrande’s solvency issues. Further, market participants remained vigilant ahead of Fed monetary policy meeting • Rupee future maturing on September 28 depreciated by 0.21% in yesterday’s trading session on strong dollar and weak stock indices. However, a sharp fall was prevented on FII inflows • The rupee is expected to depreciate on strong dollar and risk aversion in the global markets. Market sentiments were hurt on worries about impact of potential default of China’s Evergrande on economy. Additionally, market participants will remain vigilant ahead of Fed policy meeting to look for indications when bank will start tapering its stimulus. However, sharp fall may be prevented on softening crude oil prices and persistent FII inflows.
|USDINR September futures contract (NSE)|
|Buy USDINR in the range of 73.65-73.67|
|Target: 73.95||Stop Loss: 73.50|
|Support: 73.50/73.40||Resistance: 73.85/73.95|
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