Buy USDINR; target of 73.25 - 73.35: ICICI Direct

ICICI Direct, Despite the Dollar index remaining at elevated levels, the rupee managed to appreciate 33 paise on the back of a sharp recovery in domestic equities•

March 10, 2021 / 09:31 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

Despite the Dollar index remaining at elevated levels, the rupee managed to appreciate 33 paise on the back of a sharp recovery in domestic equities • The Dollar index continued to trade above 92 levels even though US yields weighed on the dollar and dragged it lower. If it manages to hold above this level than it is likely to make a new three-month high.

Currency futures on NSE

As a sharp reversal was seen in domestic equities in the second half, the rupee recovered, appreciating further. Call writers are becoming active in OTM strikes but as the dollar index remained above 92 levels we feel the rupee could consolidate • The dollar-rupee March contract on the NSE was at Rs 73.14 in the last session. The open interest fell by 1.4% 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 73.10-73.12Market Lot: US$1000
Target: 73.25/ 73.35Stop Loss: 72.99
 Support: 72.95/72.80Resistance: 73.50/73.90

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first published: Mar 10, 2021 09:31 am

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