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Buy USDINR; Target Of 73.70 - 73.80 : ICICI Direct

ICICI Direct US$INR US$INR futures remained largely range bound but slipped further on Friday.

Oct 26, 2020 / 10:23 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures remained largely range bound but slipped further on Friday. The positivity in equity markets and a weakening dollar helped the pair to limit upsides • The US dollar continued to weaken against a basket of major currencies after US President Donald Trump and House Speaker Nancy Pelosi boosted hopes for a large fiscal stimulus package, prompting some traders to ramp up bets on riskier currencies.

Currency futures on NSE

The US dollar advanced against the rupee although it is falling vs. major currencies, its major counterparts, as hopes rose that Congress will be able to agree a US relief package deal. The recent underperformance of the rupee was observed despite continued FII flows • The dollar-rupee October contract on the NSE was at 73.65 in the last session. The open interest in the October series declined 7.8% while it increased 13.4% in the next series.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.54-73.55Market Lot: US$1000
Target: 73.70/ 73.80Stop Loss: 73.45
Support: 73.54/73.45Resistance: 73.70/73.80

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Broker Research
first published: Oct 26, 2020 10:23 am

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