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Last Updated : Dec 26, 2019 10:15 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 71.70 - 71.80: ICICI Direct

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

Spot Currency

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.

Benchmark yield

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.

Intra-day strategy 

US$INR January futures contract (NSE)View: Bearish on US$INR
Buy US$ in the range of 71.40 -71.50Market Lot: US$1000
Target: 71.70 / 71.80Stop Loss: 71.30
Support: 71.20/71.05Resistance: 71.60/71.70


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First Published on Dec 26, 2019 10:15 am