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Last Updated : Oct 07, 2020 09:20 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 73.40 - 73.50: ICICI Direct

ICICI Direct The rupee continued to pare last week’s gains and ended lower by another 17 paise at 73.45 against the US dollar.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continued to pare last week’s gains and ended lower by another 17 paise at 73.45 against the US dollar. However, continued FII buying and positive domestic equities will limit its upside. The dollar moved up on Wednesday as investors digested US President Donald Trump’s shock cancellation of talks on the latest stimulus measures.

Currency futures on NSE

The dollar index attempted to move towards 94 levels as President Trump cancelled negotiation on stimulus and concerns rose on economic growth. However, looking at the US$INR pair we feel it is likely to consolidate • The dollar-rupee October contract on the NSE was at 73.61 in the last session. The open interest rose 9.3% in the last session.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 73.30-73.34Market Lot: US$1000
Target: 73.40/ 73.50Stop Loss: 73..20
Support: 73.00/73.10Resistance: 73.60/73.80

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First Published on Oct 7, 2020 09:20 am
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