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Sell USDINR; Target Of 74.20 - 74.10: ICICI Direct

ICICI Direct The rupee ended 8 paise lower due to the sharp sell-off in domestic equites and rebound in the US Dollar index•

Nov 20, 2020 / 10:02 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee ended 8 paise lower due to the sharp sell-off in domestic equites and rebound in the US Dollar index • After remaining under pressure throughout the week, the Dollar index managed to regain some lost ground and moved higher. Pandemic and vaccine news has remained at the centre so far. Investors would closely watch developments on this front.

Currency futures on NSE

Some traction was seen in the US$INR as a bounce was seen in the Dollar index. However, we continue to feel that no major moves are expected in the pair and US$INR would consolidate in the range of 74-74.70 • The dollar-rupee November contract on the NSE was at 74.29 in the last session. The open interest fell 4.9% for the November series contract.

Intra-day strategy 

US$INR NOV futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 74.35-74.40Market Lot: US$1000
Target: 74.20/ 74.10Stop Loss: 74.51
Support: 74.20/74.00Resistance: 74.55/74.75

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.

first published: Nov 20, 2020 10:02 am

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