ICICI Direct, The dollar gained 0.63% on Monday supported by fears of a global economic slowdown and bets on steep interest rate hikes by the US Federal Reserve.

June 14, 2022 / 09:24 AM IST

Representative image

Representative image

ICICI Direct’s currency report on USDINR

The dollar gained 0.63% on Monday supported by fears of a global economic slowdown and bets on steep interest rate hikes by the US Federal Reserve. Further, the dollar was supported by rising US treasury bond yields • US$INR futures maturing on June 28 edged higher on Monday amid strong dollar and weak domestic indices • The rupee is expected to depreciate today amid persistent foreign funds outflows. Further, the rupee may be under pressure as higher than expected US inflation for May raised concerns of more aggressive interest rate hikes by the Federal Reserve • US$INR broke a key resistance level at 77.95 to touch all time high at 78.39. US$INR is likely to continue its upward trend today and trade in the range of 78.00 to 78.40.

Intra-day strategy 

USDINR June futures contract (NSE)
Buy USDINR in the range of 78.15 – 78.17
Target: 78.40 Stoploss: 78.00
Support: 78.00 – 77.85 Resistance: 78.40 – 78.50

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