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

ICICI Direct, The trading range continued to reduce in the rupee as it ended almost flat yesterday whereas intraday move was only 9 paise.

February 04, 2021 / 08:59 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The trading range continued to reduce in the rupee as it ended almost flat yesterday whereas intraday move was only 9 paise. However, strong dollar would keep the rupee move in check • As expectation rose that the US has advantage in growing over other majors, the dollar index rose and weakness was seen in Euro. EURUS$ is hovering near 1.206 levels. A close below 1.20 would open the gates for lower targets.

Currency futures on NSE

US$INR pair continued to hover around $73 post Budget as well. A pullback could be possible due to major Put writing in 73 strike and weakness in Euro due to which Dollar index remained elevated • The dollar-rupee February contract on the NSE was at Rs 73.13 in the last session. The open interest fell 4.0% for February series.

Intra-day strategy 

US$INR Feb futures contract (NSE)View: Bearish on US$INR
Buy US$INR in the range of 73.11-73.14Market Lot: US$1000
Target: 73.25/ 73.35Stop Loss: 73.00
 Support: 73.00/73.10Resistance: 73.50/73.60

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first published: Feb 4, 2021 08:59 am

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