ICICI Direct’s currency report on USDINR
The US dollar index fell almost 0.57% on Monday to its lowest level in a month amid boost in dollar funding by Fed and other central banks. Further easing concerns of banking fears after UBS proposed to take over Credit Suisse lifted global equities. Also, dovish comments from the Atlanta Fed President R Bostic also weakened the dollar. He said the central bank could pause rate hikes in this summer • Rupee future maturing on March 28 remains unchanged at 82.62 • The US$INR is likely to decline towards the immediate support of 82.40 amid weakness in dollar. The US dollar is expected to remain under pressure amid speculation that the Fed may dial back its quantitative tightening programme. US$INR is hovering in the band of 82.40-82.90. It is expected to breach the lower band of the consolidation and decline towards the next key support at 82.10. Only a move above 82.90 would change the direction.
|USDINR March futures contract (NSE)|
|Sell USDINR in the range of 82.70-82.72|
|Support: 82.40/82.30||Resistance: 82.85/83.00|
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