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Buy USDINR; target of 72.65 - 72.75: ICICI Direct

ICICI Direct, After a few days of appreciation, the rupee witnessed some selling from its monthly highs and closed near 72.42 levels.

March 24, 2021 / 08:39 AM IST
Bank of Maharashtra | The bank had successfully raised capital of Rs 100 crore through private placement of Tier II bonds. The maturity of these bonds will be March 23, 2031. The banks said the bonds will be listed on the wholesale debt market segment of the BSE. The news came in after market hours on March 23. The stock closed 10 percent higher at Rs 20.90 on March 23. It hit a 52-week high of Rs 27.73 on February 19, 2021, and a low of Rs 8.15 on March 26, 2020. The market-cap of the company stands at Rs 13,710.73 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Neutral.

Bank of Maharashtra | The bank had successfully raised capital of Rs 100 crore through private placement of Tier II bonds. The maturity of these bonds will be March 23, 2031. The banks said the bonds will be listed on the wholesale debt market segment of the BSE. The news came in after market hours on March 23. The stock closed 10 percent higher at Rs 20.90 on March 23. It hit a 52-week high of Rs 27.73 on February 19, 2021, and a low of Rs 8.15 on March 26, 2020. The market-cap of the company stands at Rs 13,710.73 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Neutral.

ICICI Direct's currency report on USDINR

Spot Currency

After a few days of appreciation, the rupee witnessed some selling from its monthly highs and closed near 72.42 levels. Weakness was seen in most EM currencies • The dollar index on Tuesday rallied to a two-week high ahead of Jerome Powell’s testimony. The index reclaimed 92 levels as weakness in stocks on Tuesday increased the liquidity demand for the dollar.

Currency futures on NSE

Due to a sudden rise in the Dollar index the US$INR pair moved higher as most EM currencies depreciated. However, depreciation could be limited and the rupee is likely to trade in a range due to aggressive Call writing in OTM strikes and weakness in crude oil prices • The dollar-rupee March contract on the NSE was at Rs 72.54 in the last session. The open interest increased by almost 0.8% for the March series.

Intra-day strategy 

US$INR Mar futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 72.48-72.50Market Lot: US$1000
Target: 72.65/ 72.75Stop Loss: 72.35
Support: 72.30/72.20Resistance: 72.60/72.90

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.

first published: Mar 24, 2021 08:39 am

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