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Buy USDINR; target of: 73.68 - 73.75: ICICI Direct

ICICI Direct, The rupee started weakening once again and traded above 73 levels as fresh imposition of a lockdown in key states put pressure on the currency.

April 06, 2021 / 08:50 AM IST
SBI FD interest rates are applicable with effect from January 8

SBI FD interest rates are applicable with effect from January 8

ICICI Direct's currency report on USDINR

Spot Currency

The rupee started weakening once again and traded above 73 levels as fresh imposition of a lockdown in key states put pressure on the currency. The weakness in equities also triggered further depreciation • The RBI policy on Wednesday will be closely watched despite the very low probability of any change in policy rates. However, inflation trajectory and stance of the central bank will be crucial.

Currency futures on NSE

As the Dollar index has retraced from fresh four-month’s high below 93 levels, marginal respite was seen in the domestic currency. However, continued Put writing may keep downsides limited while declines remain a buying opportunity • The dollar-rupee April contract on the NSE was at | 73.55 in the last session. The open interest declined almost 5.3% for the April series.

Intra-day strategy 

US$INR Apr futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.40-73.44Market Lot: US$1000
Target: 73.68/ 73.75Stop Loss: 73.30
Support: 73.30/73.10Resistance: 73.75/73.95

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: Apr 6, 2021 08:50 am

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