Buy USDINR; target of: 73.30 - 73.40: ICICI Direct

ICICI Direct, Rupee continue to strengthen and closed near 4 month highs in the last session appreciating by 5 paise.

January 22, 2021 / 09:00 AM IST
rupee big_26776720

rupee big_26776720

ICICI Direct's currency report on USDINR

Spot Currency

Rupee continue to strengthen and closed near 4 month highs in the last session appreciating by 5 paise. It also closed below 73 levels amid continued flows seen in domestic equities. GBPUSD pair rose to 1.3746, touching the highest level since May 2018. The Dollar index slipped against all Group-of-10 peers amid heightened global risk appetite.

Currency futures on NSE

The USDINR pair is still holding above its major Put base of 73 ahead of settlement next week. We believe the current resilience of Rupee might continue in the near term and current levels may be utilized for creating long positions. The dollar-rupee January contract on the NSE was at Rs 73.03 in the last session. The open interest increased by 0.7% in the current series while February series saw an increase of over 50% in open interest.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.08-73.12Market Lot: US$1000
Target: 73.30/ 73.40Stop Loss: 72.98
 Support: 72.95/72.85Resistance: 73.30/73.45

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first published: Jan 22, 2021 09:00 am

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