Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : May 21, 2020 10:07 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 75.90 - 76.00: ICICI Direct

ICICI Direct However, looking at the overall data, we feel the rupee will remain in a range for the week.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continued to consolidate in a range for the week. Yesterday it depreciated by almost 14 paisa and ended at 75.79 as headwinds due to US-China trade tiff and worries over a second wave of Coronavirus infection weighed on sentiments • The Dollar index navigated in a tight range near 99.5 levels as Fed chair Jerome Powell reiterated the Fed was committed to keeping on supporting the economy.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.72 in the last session. The open interest fell by almost 1.28% during the last session • As trade wars fear further escalated, the rupee along with other EM currencies came under pressure. However, looking at the overall data, we feel the rupee will remain in a range for the week.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 75.60-75.70Market Lot: US$1000
Target: 75.90/ 76.00Stop Loss: 75.50
Support: 75.40/75.50Resistance: 76.00/76.20
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.



Moneycontrol Ready Reckoner
Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.
Get best insights into Options Trading. Join the webinar by Mr. Vishal B Malkan on May 28 only on Moneycontrol. Register Now!

First Published on May 21, 2020 10:07 am
Sections
Follow us on