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Last Updated : Feb 17, 2020 10:43 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 71.60 - 71.80: ICICI Direct

ICICI Direct expects Open interest fell 4.0% in the previous session • Utilise downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

For the week, the rupee continued to remain in a tight band amid high volatility. However, its likely to depreciate marginally and move towards 71.8 levels in coming days • The US dollar index is trading near its highest level since October as risk aversion continues to dominate sentiments. The Dollar Index is holding firm above 99 levels as the index continued to print 2020 highs.

Benchmark yield

The yield on 10-year bond fell 0.86% and ended at 6.37 last Friday as compared to 6.43 • The yield on the benchmark 10-year US treasury fell 2% on Friday ahead of a long holiday weekend as concerns over the Coronavirus saw an uptick along with a mixed run of data.

Currency futures on NSE

The dollar-rupee February contract on the NSE was at 71.43 in the previous session. Open interest fell 4.0% in the previous session • Utilise downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR February futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 71.40-71.50Market Lot: US$1000
Target: 71.60 / 71.80Stop Loss: 71.30
SupportResistance
Support: 71.25/71.30Resistance: 71.60/71.80
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on Feb 17, 2020 10:43 am
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