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Last Updated : Apr 18, 2019 11:53 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 69.80 - 69.90: ICICI Direct

ICICI Direct expects USDINR to find supports at lower levels. Utilise the downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee extended its weakness on Tuesday, losing almost 19 paise vs. the US$. Higher FY19 trade deficit as well as firmer oil prices are giving the jitters to the rupee ahead of general election outcome • The US dollar continues to consolidate near 97 levels in the absence of any significant market moving data as well as ranged moves in major currencies. Investors await the outcome of US-China trade talks while a cool-off in yields is also keeping the dollar ranged. Economic indicators from eurozone are keenly awaited as any improvement in same would see gains in the Euro.

Benchmark yield

Sovereign benchmark treasury yields are unchanged at 7.39% on Tuesday. Also, FII flows in April have been negative till date against huge inflows seen in March • US treasury yields were unchanged at 2.59%. Hopes of potentially positive directions of US-China trade talks are keeping US yields supported while dovish Fed minutes would keep a sharp rise in check.

Currency futures on NSE

The dollar-rupee April contract on the NSE was at 69.69 in the previous session. April contract open interest declined 3.89% in the previous session • We expect the US$INR to find supports at lower levels. Utilise the downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR April futures contract (NSE) View: Bullish on US$INR
Buy US$ in the range of 69.54-69.60 Market Lot: US$1000
Target: 69.80 / 69.90 Stop Loss: 69.40
Support Resistance
S1/ S2: 69.55 / 69.40 R1/R2:69.75 /69.90
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.



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First Published on Apr 18, 2019 11:53 am
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