Buy USDINR; target of: 73.25 - 73.35: ICICI Direct

ICICI Direct, Rupee further strengthen by 13 paise and moved towards the level of 73 as investors prepared for US Treasury Secretary.

January 21, 2021 / 09:46 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

Rupee further strengthen by 13 paise and moved towards the level of 73 as investors prepared for US Treasury Secretary. However, trade deficit continue to widen to 15.44 billion. The Dollar index continue to remain firm above 90 levels as rising US treasury yields and caution about the global economic recovery.

Currency futures on NSE

The Put base at 73 is likely to act as crucial levels for the currency pair as it has remained an important support in the recent past. A move below these levels might open the gates for sharp appreciation. The dollar-rupee January contract on the NSE was at Rs 73.08 in the last session. The open interest increased by 0.7% in the current series.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.14-73.16Market Lot: US$1000
Target: 73.25/ 73.35Stop Loss: 73.0
 Support: 73.00/72.90Resistance: 73.35/73.55

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first published: Jan 21, 2021 09:46 am

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