Buy USDINR; target of :74.15 : ICICI Direct

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

Kerala had set up India’s first lottery department in 1967.

ICICI Direct’s currency report on USDINR

US dollar increased by 0.26% yesterday after the US Fed signalled that it will begin reducing its monthly bond purchases as soon as November and interest rates increases may follow more quickly than anticipated • Rupee future maturing on September 28 depreciated by 0.29% in yesterday’s trading session on strong dollar and muted stock indices • The rupee is expected to depreciate on a strong dollar after US Federal Reserve signalled that the bank will start tapering its $120 billion monthly bond purchases as soon as November and could raise interest rates sooner than expected. Out of 18 Fed officials nine are ready to raise interest rates next year. Fed expects its inflation to remain elevated above its 2% target for four consecutive years. Also, surge in crude oil prices may hurt rupee. However, sharp fall may be prevented on persistent FII inflows.

Intra-day strategy 

USDINR September futures contract (NSE)
Buy USDINR in the range of 73.85-73.87
Target: 74.15 Stop Loss: 73.70
Support: 73.70/73.60 Resistance: 74.05/74.15

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