Buy USDINR; target of: 73.45 - 73.55: ICICI Direct

ICICI Direct, Strength in dollar index and weakness in equities put some pressure in currency and USDINR pair reverted from 73 levels once again.

January 19, 2021 / 01:29 PM IST

ICICI Direct's currency report on USDINR

Spot Currency

Strength in dollar index and weakness in equities put some pressure in currency and USDINR pair reverted from 73 levels once again. The Rupee closed near 73.28 levels deprecating by almost 20 paise. • The U.S. Dollar Index gained upside momentum and is trying to settle above the 50 EMA at 90.95. In case this attempt is successful, the U.S. Dollar Index might move further towards the next resistance level of 91.20.

Currency futures on NSE

U.S. President-elect Joe Biden has recently unveiled his $1.9 trillion stimulus proposal. Interestingly, this announcement did not put any pressure on the U.S. dollar. • The dollar-rupee January contract on the NSE was at Rs 73.32 in the last session. The open interest increased almost 15% in the February series while marginal decline was seen in January series contracts.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.18-73.22Market Lot: US$1000
Target: 73.45/ 73.55Stop Loss: 73.05
 Support: 73.05/72.90Resistance: 73.45/73.55

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first published: Jan 19, 2021 08:56 am

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