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Last Updated : Oct 21, 2020 10:38 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 73.59 - 73.67 : ICICI Direct

ICICI Direct US$INR futures rose slightly on Tuesday as domestic equities corrected slightly.

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures rose slightly on Tuesday as domestic equities corrected slightly. However, a fall in the US dollar index capped gains in the pair • The dollar index dipped on Tuesday but moves were muted as investors awaited the outcome of fiscal stimulus talks ahead of the upcoming US presidential election and as Coronavirus cases spiked in Europe.

Currency futures on NSE

While markets are confident a win by Biden would lead to more fiscal stimulus, potentially weakening the dollar, investors are also wary of a potentially contested election result that may boost the safe-haven appeal of the greenback • The dollar-rupee October contract on the NSE was at 73.52 in the last session. The open interest in the October series declined 4.89% while it increased 22.46% in the next series.

Intra-day strategy 

US$INR Oct futures (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.46-73.48Market Lot: US$1000
Targets: 73.59, 73.67Stop Loss: 73.33
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First Published on Oct 21, 2020 10:38 am
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