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Buy USDINR; target of: 73.40 - 73.50: ICICI Direct

ICICI Direct, The rupee depreciated against the US dollar for a fourth day in a row on Friday despite a rally in equities•

June 14, 2021 / 08:43 AM IST

ICICI Direct's currency report on 

Spot Currency

The rupee depreciated against the US dollar for a fourth day in a row on Friday despite a rally in equities • The dollar index is going to be in focus this week as market participants have a lot of expectations from US Monetary Policy on June 16. The two key factors on which the Fed will focus on are inflation and job numbers.

Currency futures on NSE

With the dollar index hovering near support of 89-90 levels ahead of US Fed monetary policy, the US$INR has ended above its Call base of 73 levels. Hence, we expect a move towards 73.50 in coming days • The dollar-rupee June contract on the NSE was at Rs 73.20 in the last session. The open interest remained almost unchanged for the June series.

Intra-day strategy 

US$INR June futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.10-73.14Market Lot: US$1000
Target: 73.40/ 73.50Stop Loss: 72.98
Support: 73.00/72.90Resistance: 73.50/73.65

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: Jun 14, 2021 08:43 am

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