Buy USDINR; target of :74.70 : ICICI Direct

rupee_190_78573464

ICICI Direct's currency report on USDINR

Rupee future maturing on October 27 depreciated by 0.25% in Monday’s trading session due to higher crude prices • The dollar index eased against a basket of currencies on Monday, pulling back from the one-year high hit last week, as traders looked to US jobs data at the end of the week for clues to the Federal Reserve’s next move • The dollar found little support from data on Monday that showed new orders for US-made goods accelerated in August, even as economic growth appeared to have slowed in the third quarter due to shortages of raw material and labour • The rupee is expected to depreciate further as rising crude prices along with tapering fears from the US Fed may put more pressure on the rupee, going forward.

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