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Buy USDINR; target of 73.25 - 72.35 : ICICI Direct

ICICI Direct, The rupee depreciated by another 6 paise in the last session as pressure on domestic equities continued.

March 26, 2021 / 08:51 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee depreciated by another 6 paise in the last session as pressure on domestic equities continued. Globally also, Dollar index maintained its strength and hovered around 92.60 levels also extending pressure • The pound dropped to the lowest since early February as a vaccine row between the UK and the EU rumbled on amid doubts about the country’s economic outlook.

Currency futures on NSE

The US dollar remained elevated near its 2020 highs. Weakness seen in GBP and Euro due to fresh concerns over the economy also helped the dollar to remain stable at higher levels • The dollar-rupee April contract on the NSE was at Rs 73.08 in the last session. The open interest increased by almost 16% for the April series.

Intra-day strategy 

US$INR Apr futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 72.98-73.02Market Lot: US$1000
Target: 73.25/ 72.35Stop Loss: 72.80
Support: 72.80/72.65Resistance: 73.25/73.35

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first published: Mar 26, 2021 08:51 am

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