Moneycontrol
Get App
Last Updated : Jan 15, 2020 10:33 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 71.20 - 71.30: ICICI Direct

ICICI Direct expects Open interest increased almost 4.85% in the previous session • Utilise downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee gave away its early morning gains to settle on a flat note at 70.87 against the US dollar ahead of the signing of the US-China trade deal and weak macro economic data on the domestic front. A marginal rise in crude oil prices and strengthening of the American currency in the overseas market also dragged the domestic unit lower • The Dollar index is extending the weekly upside for the second session in a row on Tuesday amid the prevailing risk-on tone and despite poor results from domestic companies and declining US yields.

Benchmark yield

Yields on the government’s 10-year treasury bill increased further to 6.67 ahead of inflation number. Higher-than-expected inflation numbers may keep some pressure on yields • US treasury prices fell for a second day and ended at 1.81 vs. 1.85, down 1.9%.

Currency futures on NSE

The dollar-rupee January contract on the NSE was at 70.98 in the previous session. Open interest increased almost 4.85% in the previous session • Utilise downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR January futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 70.90-71.00Market Lot: US$1000
Target: 71.20 / 71.30Stop Loss: 70.85
SupportResistance
Support: 70.75/70.55R1/R2: 71.15/71.35

Close

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.



Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Jan 15, 2020 10:33 am
Sections
Follow us on