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Budget 2021

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Buy USDINR; target of : 73.75 - 73.85 : ICICI Direct

ICICI Direct, The rupee witnessed some support from the highest Put base of 73.50 and closed almost flat.

December 17, 2020 / 09:09 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee witnessed some support from the highest Put base of 73.50 and closed almost flat. Marginal deprecation was seen despite continued FII buying in domestic equities • The US Dollar index remained under pressure and moved towards 90 levels as the up move continued in the pound as well as Euro ahead of Brexit.

Currency futures on NSE

Despite the weakening dollar, US$INR found support near its highest Put base of 73.50. We believe these levels will be tough for the pair to breach on downsides and buying can be seen from these levels • The dollar-rupee December contract on the NSE was at 73.68 in the last session. The open interest increased sharply by 14% in the December series contract.

Intra-day strategy 

US$INR DEC futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.56-73.60Market Lot: US$1000
Target: 73.75/ 73.85Stop Loss: 73.46
Support: 73.46/73.38Resistance: 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: Dec 17, 2020 09:09 am

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