ICICI Direct expects USDINR to find support at lower levels. Utilise upsides in the pair to initiate long positions.
ICICI Direct's currency report on USDINR
The rupee depreciated by 9 paise to close at 71.27 against the US dollar on Tuesday amid heavy selling in domestic equities and a steady rise in crude oil prices • The dollar index, which measures the greenback against six major peers, declined 0.01% at 97.65 in late trading.
Yields on the government’s 10-year treasury bill rose 0.08% and closed at 6.58 vs. 6.57 • US 10 years yields fell 1.54% and closed at 1.90 vs. 1.93.
Currency futures on NSE
The dollar-rupee January contract on the NSE was at 71.53 in the previous session. Open interest rose 14.8% in the previous session • We expect the US$INR to find support at lower levels. Utilise upsides in the pair to initiate long positions.
|US$INR January futures contract (NSE)||View: Bearish on US$INR|
|Buy US$ in the range of 71.40 -71.50||Market Lot: US$1000|
|Target: 71.70 / 71.80||Stop Loss: 71.30|
|Support: 71.20/71.05||Resistance: 71.60/71.70|
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