ICICI Direct’s currency report on USDINR
The US dollar increased 0.12% yesterday amid a rise in US treasury yield and robust economic data. Yields rose as worries over a new variant faded, diminishing flight to safety bid. Further, US President Joe Biden said the country would not reinstate lockdowns this winter • Rupee future maturing on December 29 depreciated by 0.22% yesterday amid month end dollar demand from importers, persistent FII outflows and concern over new virus variant identified in South Africa • The rupee is expected to depreciate further on a strong dollar and persistent FII outflows. Further, investors will remain vigilant ahead of US Federal Reserve Chairman Powell’s testimony before Senate banking committee. However, a sharp fall may be prevented on rise in risk appetite in global markets as investors shrugged off Omicron worries. Additionally, market participants will take cues from India’s GDP data.
|US$INR December futures contract (NSE)|
|Buy USDINR in the range of 75.23-75.25|
|Target: 75.55||Stop Loss: 75.10|
|Support: 75.10/75.00||Resistance: 75.45/75.55|
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