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
ICICI Direct's currency report on USDINR
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$INR pair has recovered from its major support of Rs 73 levels and depreciated marginally towards 73.40. We expect the pair to remain in the range of 73 to 73.60 levels in the coming sessions • The dollar-rupee January contract on the NSE was at Rs 73.24 in the last session. The open interest in the January series declined marginally by 0.24%.
|US$INR JAN futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 73.19-73.21||Market Lot: US$1000|
|Target: 73.35/ 73.45||Stop Loss: 73.05|
|Support: 73.02/72.90||Resistance: 73.45/73.55|