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Last Updated : Feb 13, 2020 10:10 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 71.55 - 71.65: ICICI Direct

ICICI Direct expects Open interest rose 5.25% in the previous session • Utilise downsides in the pair to initiate long positions.

Representative image
Representative image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee pared early gains to settle 5 paise down at 71.34 against the US dollar on Wednesday ahead of the release of key domestic macroeconomic data. However, as crude oil prices started reverting from lower levels, US$INR is likely to move higher • After falling for two days, the Dollar Index again moved to 99.00 levels as the market is printing fresh 2020 highs. This will keep emerging market currency moves in check.

Benchmark yield

The yield on 10-year bond rose 0.14% and ended at 6.48 yesterday compared to 6.47 • US treasury yields rose on Wednesday as hopes that a slowdown in the cases of COVID-19--the name for the novel disease originated in Wuhan, China in late 2019--sparked a global equity rally and weighed on haven demand.

Currency futures on NSE

The dollar-rupee February contract on the NSE was at 71.43 in the previous session. Open interest rose 5.25% 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 71.35-71.45Market Lot: US$1000
Target: 71.55 / 71.65Stop Loss: 71.25
SupportResistance
Support: 71.25/71.00Resistance: 71.60/71.70
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 13, 2020 10:09 am
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