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Last Updated : Sep 24, 2020 09:23 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 73.55 - 73.60: ICICI Direct

ICICI Direct US$INR futures largely remained supported on Wednesday as the dollar index rose strongly against a basket of major currencies while a correction in domestic equities also supported the pair.

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures largely remained supported on Wednesday as the dollar index rose strongly against a basket of major currencies while a correction in domestic equities also supported the pair • The euro fell to a two-month low on Wednesday as positive US economic data, concerns on a second wave of Coronavirus infections with tepid European indicators pushed the US dollar higher.

Currency futures on NSE

The dollar is likely to gain further as the Coronavirus rattles sentiment in Europe but uncertainty about this year’s US presidential election means it could be prone to more volatile swings • The dollar-rupee September contract on the NSE was at 73.52 in the last session. The open interest in the September series declined 9.09% while it increased 6.05% in the next series.

Intra-day strategy 

US$INR Sep futures (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.44-73.46Market Lot: US $1000
Targets: 73.55, 73.60Stop Loss: 73.35
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First Published on Sep 24, 2020 09:23 am
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