ICICI Direct’s currency report on USDINR
The US dollar index rose on Wednesday, recovering from two-month lows as investors lightened their short positions to book profits ahead of the US non-farm payrolls report on Friday. Meanwhile, further upside was prevented on weaker than expected ADP nonfarm employment change and ISM non-manufacturing PMI data from the US • Rupee future maturing on April 26 appreciated by 0.36% to 82.1250 on Wednesday amid sharp rise in domestic equity markets • The rupee is likely to trade with a positive bias amid rise in risk appetite in domestic markets. Further, the main focus will be on the interest rate decision from the RBI. The central bank is expected to increase interest rate by 25 bps to 6.75%. US$INR is expected to break key support level of 82.05 to continue its downward trend towards the level of 81.80.
|USDINR Apr futures contract (NSE)|
|Sell USDINR in the range of 82.10-82.12|
|Target: 81.80||Stoploss: 82.30|
|Support: 81.80/81.70||Resistance: 82.30/82.40|
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