Buy USDINR; target of: : 74.0 : ICICI Direct

#Brokerage Recos - Currencies, #Buy, #ICICI Direct, #Rupee, #USDINR

ICICI Direct’s currency report on USDINR

US dollar decline by 0.04% yesterday as US stocks ended mixed. Further, market participants awaited outcome of Fed monetary policy meeting. However, sharp fall was prevented on rise in US treasury yields and improved economic data • Rupee future maturing on September 28 appreciated by 0.03% in previous trading session on weakness in dollar, rise in stock indices and consistent FII inflows • Rupee is expected to depreciate on strong dollar and risk aversion in the global markets. Market sentiments are hurt on worries over slowing global economic growth and impact of potential default of China’s second largest real estate company on debt of more than $300 billion. Additionally, investors are looking forward to Fed policy meeting for any signs on when bank will start tapering its stimulus. However, sharp fall may be prevented on persistent FII inflows.

Intra-day strategy 

USDINR September futures contract (NSE)
Buy USDINR in the range of 73.70-73.72
Target: 74.0 Stop Loss: 73.55
Support: 73.60/73.50 Resistance: 73.90/74.0

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