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Buy USDINR; target of 72.85 - 72.95 : ICICI Direct

ICICI Direct, The rupee deprecated by another 14 paise amid continued sell-off seen n domestic equities and strength seen in dollar index as risk on rally observed some cool-off.

March 25, 2021 / 08:51 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee deprecated by another 14 paise amid continued sell-off seen n domestic equities and strength seen in dollar index as risk on rally observed some cool-off. The U.S. Dollar hit fresh highs for 2020 on Wednesday as concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China helped it to move higher. The news is offsetting a dip in U.S. Treasury yields.

Currency futures on NSE

The U.S. Dollar hit fresh highs for 2020 on Wednesday as concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China helped it to move higher. The news is offsetting a dip in U.S. Treasury yields. • The dollar-rupee March contract on the NSE was at Rs 72.69 in the last session. The open interest declined by almost 7.3% for the March series while it increased by more than 12% in April series.

Intra-day strategy 

US$INR Mar futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 72.63-72.67Market Lot: US$1000
Target: 72.85/ 72.95Stop Loss: 72.50
 Support: 72.50/72.35Resistance: 72.90/73.00
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first published: Mar 25, 2021 08:51 am

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