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Budget 2021

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  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Buy USDINR; target of: 73.55 - 73.65: ICICI Direct

ICICI Direct, The rupee witnessed some appreciation in the last session as continued FII buying compensated for strength in the Dollar index.

January 13, 2021 / 08:35 AM IST
Image: Pixabay

Image: Pixabay

ICICI Direct's currency report on USDINR

Spot Currency

The rupee witnessed some appreciation in the last session as continued FII buying compensated for strength in the Dollar index. During the day, the rupee appreciated by 14 paise as the dollar index remained near 90.50 levels • The US Dollar Index (DXY), appears to have found some resistance in the 90.70 region in the last couple of sessions. Further strength is expected above these levels.

Currency futures on NSE

Volatility remained high in the US$INR pair last week as the dollar index rebounded above 90 levels. The Put base of 73 is likely to act as immediate support and declines can be utilised for buying in the currency pair • The dollar-rupee January contract on the NSE was at Rs 73.38 in the last session. The open interest increased by 11.7% in the January series contracts.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.28-73.32Market Lot: US$1000
Target: 73.55/ 73.65Stop Loss: 73.18
 Support: 73.18/73.02Resistance: 73.55/73.65

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: Jan 13, 2021 08:35 am

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