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Last Updated : Feb 07, 2020 09:47 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 71.45 - 71.65: ICICI Direct

ICICI Direct expects Open interest fell 17.6% in the previous session • Utilise downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee further rose against the dollar and ended at 71.20 after the RBI left key rates unchanged and maintained its stance to boost the economy • The Dollar Index rose to a new 2020 high as broad based risk on mood helped the greenback and recent news cited the possibility that scientists could be working on a medical treatment to tackle the Wuhan Coronavirus.

Benchmark yield

Post the RBI policy, 10 year yields fell 1% at 6.45 vs. 6.51 • US treasury yields fell marginally on Thursday as the bond market started to find a more stable footing after days of intense volatility sparked by the Coronavirus outbreak.

Currency futures on NSE

The dollar-rupee February contract on the NSE was at 71.27 in the previous session. Open interest fell 17.6% in the previous session • Utilise downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR February futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 71.25-71.35Market Lot: US$1000
Target: 71.45 / 71.65Stop Loss: 71.15
SupportResistance
Support: 71.15/71.00Resistance: 71.55/71.65
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 Feb 7, 2020 09:47 am
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