Sell USDINR; target of : 81.55 : ICICI Direct

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ICICI Direct, The US dollar ended level connected Wednesday up of cardinal US CPI print. The US 10-year output declined portion equities marked a important summation amid anticipation of cooling ostentation fig that could supply country for the Fed to dial backmost connected its assertive complaint hike.

January 12, 2023 / 10:08 AM IST

Budget 2023

Budget 2023

ICICI Direct's currency study connected USDINR

The US dollar ended level connected Wednesday up of cardinal US CPI print. The US 10-year output declined portion equities marked a important summation amid anticipation of cooling ostentation fig that could supply country for the Fed to dial backmost connected its assertive complaint hike. CPI is expected to diminution to 6.5% YoY against the erstwhile speechmaking of 7.1% • Rupee aboriginal maturing connected January 27 continued its appreciation yesterday and settled astatine 81.7075 arsenic it breached the cardinal enactment astatine 81.80 • The rupee is apt to summation spot connected weakness successful the dollar and emergence successful hazard appetite successful planetary markets. Further, the rupee whitethorn summation spot connected anticipation of improved economical information from India. CPI information is apt to amusement ostentation remained wrong RBI’s comfortableness portion for a 2nd consecutive month. Industrial accumulation information is apt to amusement that output grew successful November. US$INR (January) is expected to admit towards 81.40 arsenic agelong arsenic it remains beneath the 50 time SMA astatine 82.10.

Intra-day strategy

USDINR Jan futures declaration (NSE)
Sell USDINR successful the scope of 81.95-81.98
Target: 81.55Stoploss: 82.10
Support: 81.55/81.40Resistance: 82.10/82.22

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