Buy NSE USDINR Feb above 53.76; SL 53.67: ICICIdirect.com

ICICIdirect.com has come out with its report on currency. According to the research firm, the US dollar is expected to attract buying support on declines against the INR. Utilise the lows in the US$/INR February contract to buy.

US$/INR derivatives strategy:

• In the currency futures market, the most traded dollar-rupee February contract on the NSE closed at 54.00. The February contract open interest was up 3.5% from the previous day
• The March contract open interest was up 5.8% from the previous day
• We expect the US dollar to attract buying support on declines against the INR. Utilise the lows in the US$/INR February contract to buy

Intra-day strategy

USD/ INR Feb futures contract (NSE)	View: Bullish on USD
Buy USDINR above 53.76	Market Lot: USD1000
Target: 53.94/54.02	Stop Loss: 53.67
Support: S1/ S2: 53.75/ 53.60	Resistance: R1/R2: 54.20/ 54.35

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To read the full report click on the attachment

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