JSW One Platforms raises Rs 205 crore from Mitsui at Rs 2,750 crore valuation

JSW One Platforms raises Rs 205 crore from Mitsui at Rs 2,750 crore valuation

ICICI Direct’s currency report on USDINR

The US dollar index edged up on Friday as job data from the US signalled that the Fed may increase interest rates by another 25 bps in the next meeting. Unemployment rate in the US declined to 3.5% in March 2023 against expectations of 3.6% and non-farm payrolls increased by 236,000 in March compared to market forecast of 228,000 • Rupee future maturing on April 26 appreciated by 0.17% on Thursday amid an uptick in domestic equity markets • The rupee is likely to trade with a negative bias amid strong US dollar index. Further, the rupee may depreciate as the Reserve Bank of India keeps interest rates unchanged at 6.50%. Meanwhile, a sharp depreciation may be prevented on FII inflows in domestic equity markets. US$INR is expected to trade towards the level of 82.20 as long as it sustains above the key support level of 81.90.

Intra-day strategy 

USDINR Apr futures contract (NSE)
Buy USDINR in the range of 82.00-82.02
Target: 82.20 Stoploss: 81.90
Support: 81.90/81.80 Resistance: 82.20/82.30

For all Currency report, click here

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