Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!

Buy USDINR; target of: 73.65 - 73.85: ICICI Direct

ICICI Direct, The rupee remained under pressure and depreciated by 14 paise in the last session as the dollar index moved above 90 levels despite talks of further stimulus •

January 12, 2021 / 09:32 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee remained under pressure and depreciated by 14 paise in the last session as the dollar index moved above 90 levels despite talks of further stimulus • The rising cases of Covid-19 and escalation of US-China tension has prompted the demand for safe haven. The Euro and GBP also came under pressure due to a strengthening dollar.

Currency futures on NSE

Volatility remained high in the US$INR pair last week as the dollar index rebounded above 90 levels. Further upsides towards major Call base of 74 can be expected in the pair • The dollar-rupee January contract on the NSE was at Rs 73.54 in the last session. The open interest fell 1.5% of 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 73.38-73.42Market Lot: US$1000
Target: 73.65/ 73.85Stop Loss: 73.28
 Support: 73.28/73.12Resistance: 73.65/73.85

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 12, 2021 09:32 am

stay updated

Get Daily News on your Browser
Sections