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