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
US$INR futures remained largely range bound but slipped further on Friday. The positivity in equity markets and a weakening dollar helped the pair to limit upsides • The US dollar continued to weaken against a basket of major currencies after US President Donald Trump and House Speaker Nancy Pelosi boosted hopes for a large fiscal stimulus package, prompting some traders to ramp up bets on riskier currencies.
Currency futures on NSE
The US dollar advanced against the rupee although it is falling vs. major currencies, its major counterparts, as hopes rose that Congress will be able to agree a US relief package deal. The recent underperformance of the rupee was observed despite continued FII flows • The dollar-rupee October contract on the NSE was at 73.65 in the last session. The open interest in the October series declined 7.8% while it increased 13.4% in the next series.
|US$INR Oct futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 73.54-73.55||Market Lot: US$1000|
|Target: 73.70/ 73.80||Stop Loss: 73.45|
|Support: 73.54/73.45||Resistance: 73.70/73.80|