Last Updated : Apr 12, 2018 11:46 AM IST | Source:

Buy USDINR; target of 65.38 - 65.46: ICICI Direct

ICICI Direct expects USDINR to find supports at lower levels. Utilise downsides in the pair to go long in US$INR.

ICICI Direct's currency report on USDINR

Spot Currency

Rupee ended sharply lower losing almost 0.49 % against the US $ as a sharp rise in crude oil prices coupled with global geopolitical tensions weighed on emerging currencies including the rupee • The US $ was almost unchanged against majors . However, a rise in crude oil prices and global geopolitical tensions rattled markets. Crude oil prices rose to almost four - year highs with Brent testing $ 72 / bl while the US president warned Russia on Syria’s alleged chemical attacks. We expect the JPY to remain supported over a rise in global concerns while the US$ could remain on the back foot.

Benchmark yield  

Sovereign bonds extended declines as yields rose sharply amid concerns over a spurt in crude oil prices and simmering global geopolitical concerns • US 10 - year yields declined to 2 . 78 % as the US President warned Russia over alleged use of chemical weapons by Syria.

Currency futures on NSE The near - month dollar - rupee April contract on the NSE was at 65. 37. The April contract open interest declined 1. 63 % from the previous day • We expect US$INR to find supports at lower levels. Utilise downsides in the pair to go long in US$INR.

Intra-day strategy

US$INR April futures contract (NSE) View: Bullish on US$INR
Buy US$INR in the range of 65.20 - 65.24 Market Lot: US$1000
Target: 65.38 / 65.46 Stop Loss: 65.07
Support Resistance
S 1/ S 2: 65.20 / 65.10 R 1/R 2:65.40 /65.55
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

First Published on Apr 12, 2018 11:46 am
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