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Buy USDINR; target of 73.45 - 73.55: ICICI Direct

ICICI Direct Supported by positive domestic equities and marginal weakness in the Dollar index, the rupee appreciated marginally and closed at 73.24.

October 09, 2020 / 10:11 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

Supported by positive domestic equities and marginal weakness in the Dollar index, the rupee appreciated marginally and closed at 73.24. Today due to the RBI’s monetary policy, we may see some volatility • US initial claims missed expectation and rose for a second week. The dollar index remained muted and moved towards 93.6 levels. However, it is expected to bounce from its support.

Currency futures on NSE

Intraday volatility in dollar index is draining due to which no major triggers are seen in other market currencies. The rupee is trading in a range and waiting for trigger. We feel the rupee can move towards 73.55 levels again • The dollar-rupee October contract on the NSE was at 73.37 in the last session. The open interest rose 0.2% in the last session.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 73.32-73.36Market Lot: US$1000
Target: 73.45/ 73.55Stop Loss: 73..22
Support: 73.00/73.10Resistance: 73.60/73.80

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: Oct 9, 2020 10:11 am

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