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ICICI Direct's currency report on USDINR
The US dollar appreciated by 0.15% on Friday amid a rout across markets due to fears of the impact of soaring inflation. Further, upside in the dollar was capped by declining US treasury yields. Additionally, the outlook for the global economy was looking gloomy amid supply chain disruption, lockdown in China and Russia’s war against Ukraine • US$INR futures maturing on May 27 ended higher on Friday amid strong dollar and rise in crude oil prices • The rupee is expected to depreciate today amid risk aversion in the global markets and firm dollar. However, rising crude oil prices may continue to pressurise the rupee further. US$INR futures opened lower with a gap down on Friday but continued to move upward by showing a strong bullish mood. US$INR is likely to trade in a upward trend and break its all time high at Rs 77.92 to touch the level of 78.00.
Intra-day strategy
| USDINR June futures contract (NSE) | View: Bullish on US$INR |
| Buy USDINR in the range of to 77.85 to 77.87 | Market Lot: US$1000 |
| Target: 78.00 | Stoploss: 77.76 |
| Support: 77.68 - 77.66 | Resistance: 77.90 - 77.92 |
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