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Last Updated : Feb 25, 2020 09:51 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 72.00 - 72.20: ICICI Direct

ICICI Direct expects Open interest rose 5.8% in the previous session • Utilise downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee broke its trading range and fell 36 paise to close at 72 levels on the back of heavy selling in domestic equities and strengthening American currency • The index has managed to leave behind Friday’s moderate pullback after hitting fresh YTD highs in levels just shy of the psychological triple-digit resistance, all in response to some profit taking mood and amid the broad-based recovery in several of the dollar’s rivals.

Benchmark yield

The yield on the 10-year bond fell 1.48% and ended at 6.33 compared to 6.42 in its previous session. • US treasury yields saw a precipitous drop on Monday as panic in global stock markets over the COVID-19 outbreak has driven inflows into US government papers, one of the most popular safe haven assets for investors.

Currency futures on NSE

The dollar-rupee February contract on the NSE was at 72.0 in the previous session. Open interest rose 5.8% 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 71.75-71.85Market Lot: US$1000
Target: 72.00/ 72.20Stop Loss: 71.65
SupportResistance
Support: 71.75/71.60Resistance: 72.15/72.25

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First Published on Feb 25, 2020 09:51 am
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