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Budget 2021

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  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Buy USDINR; target of: 73.35 - 73.45: ICICI Direct

ICICI Direct, As the Dollar index continued to trade near 89.5 levels, the rupee appreciated by 8 paise and ended near 73.18 levels.

January 07, 2021 / 09:32 AM IST
Source: Pixabay

Source: Pixabay

ICICI Direct's currency report on USDINR

Spot Currency

As the Dollar index continued to trade near 89.5 levels, the rupee appreciated by 8 paise and ended near 73.18 levels. Positive domestic equities and FII inflows are likely to provide strength to the rupee • The Dollar index remained volatile in the initial hour of trade as investors waited for the outcome of US senate runoff elections in Georgia that could affect the prospects of more stimulus. However, it ended way below 89.5 levels.

Currency futures on NSE

The US$INR pair has recovered from its major support of Rs 73 levels and depreciated marginally towards 73.40. We expect the pair to remain in the range of 73 to 73.60 levels in the coming sessions • The dollar-rupee January contract on the NSE was at Rs 73.24 in the last session. The open interest in the January series declined marginally by 0.24%.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.19-73.21Market Lot: US$1000
Target: 73.35/ 73.45Stop Loss: 73.05
Support: 73.02/72.90Resistance: 73.45/73.55

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Jan 7, 2021 09:32 am

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