ICICI Direct’s currency report on USDINR
US dollar rose by 0.24% yesterday amid upbeat economic data from US and surge in US treasury yields. US unemployment claims fell to a 19 month low last week and US homes sales jumped to an eight-month high in September • Rupee future maturing on October 27 appreciated by 0.10% in yesterday’s trading session on weakness in dollar. However, sharp gains were prevented on risk aversion in domestic markets, FII outflows and steady crude oil prices • The rupee is expected to depreciate on strong dollar and mixed Asian markets. Furthermore, market participants will remain vigilant ahead of manufacturing data from major countries across the globe. Additionally, investors will be cautious ahead of BISSARB centenary conference panel discussion where US Fed Chair Powell will speak. However, sharp fall may be prevented on FII inflows and softening of crude oil prices.
|USDINR October futures contract (NSE)|
|Buy USDINR in the range of 74.83-74.85|
|Target: 75.15||Stop Loss: 74.70|
|Support: 74.75/74.70||Resistance: 75.10/75.15|
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.