Buy USDINR; target of: 73.33 - 73.45: ICICI Direct

ICICI Direct, The rupee strengthened gains for the third day in a row and managed to end 10 paise higher as dollar index strengthened ahead of expected announcement of new US stimulus.

January 15, 2021 / 09:46 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee strengthened gains for the third day in a row and managed to end 10 paise higher as dollar index strengthened ahead of expected announcement of new US stimulus. The US Dollar index reverted from Rs 90.70 level but stayed firm above 90 levels. Powell has said that there will be no tapering till inflation moves up in a way that are unwelcome.

Currency futures on NSE

The US$INR pair appreciated and moved towards Rs 73 levels as FII flow continued in the equity markets. Along with the marginal decline in Dollar index. However, the recent pick-up in US yields continues to lend supports the recovery in DXY. The dollar-rupee January contract on the NSE was atrte Rs 73.15 in the last session. The open interest remained almost flat in the January series contracts while it increased by almost 28% for February series

Intra-day strategy 

US$INR January futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.11-73.15Market Lot: US$1000
Target: 73.33/ 73.45Stop Loss: 73.03
Support: 73.03/72.95Resistance: 73.33/73.45

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first published: Jan 15, 2021 09:46 am

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