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Last Updated : Feb 03, 2020 09:36 AM IST | Source:

Buy USDINR; target of 71.85 - 72.00: ICICI Direct

ICICI Direct expects Open interest fell 2.8% 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 on Friday appreciated by 15 paise to end at 71.35 against the US dollar on Friday as the Economic Survey 2019-20 predicted bullish growth figures for the next financial year. However, post the Budget outcome traders are likely to book profits, which will keep in rupee move in check • Dollar index remained under pressure after the President declared public health emergency and suggested to avoiding going to China as coronavirus spread increased.

Benchmark yield

Indian bonds rose 0.66% and ended at 6.60 vs. 6.56 in the previous session. All eyes will be on the RBI monetary policy, which is lined up during the later part of the week • The yield on the 10-year US treasury note dropped to its lowest closing level in over three months after the spreading coronavirus caused airlines to cancel flights to China and the Federal Reserve did little to change investors' expectations that it could cut interest rates later in the year.

Currency futures on NSE

The dollar-rupee February contract on the NSE was at 71.56 in the previous session. Open interest fell 2.8% in the previous session • Utilise downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR February futures contract (NSE)View: Bulish on US$INR
Buy US$ in the range of 71.55-71.65Market Lot: US$1000
Target: 71.85 / 72.00Stop Loss: 71.40
Support: 71.47/71.35Resistance: 71.85/72.00


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on Feb 3, 2020 09:36 am
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