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Last Updated : Sep 22, 2020 10:00 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 73.70 - 73.80: ICICI Direct

ICICI Direct US$INR futures rose on Monday as the dollar index recovered strongly against a basket of major currencies along with a sharp correction in domestic equities that contributed to gains in the pair.

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures rose on Monday as the dollar index recovered strongly against a basket of major currencies along with a sharp correction in domestic equities that contributed to gains in the pair • The US dollar index soared on Monday and riskier currencies fell as investors looked for safety while stock markets around the world tumbled on fears of the economic implications of rising Covid-19 cases.

Currency futures on NSE

Key for the US currency’s direction this week will be a slew of Federal Reserve speakers, who may shed light on the US central bank’s new approach to inflation • The dollar-rupee September contract on the NSE was at 73.58 in the last session. The open interest in the September series declined 5.02%, while it increased 2.74% in the next series.

Intra-day strategy 

US$INR Sep futures (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.49-73.51Market Lot: US $1000
Targets: 73.70, 73.80Stop Loss: 73.30
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First Published on Sep 22, 2020 10:00 am
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