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
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$INR found support near its highest Put base of 73.50. We believe these levels will be tough for the pair to breach on downsides and buying can be seen from these levels • The dollar-rupee December contract on the NSE was at 73.68 in the last session. The open interest increased sharply by 14% in the December series contract.
|US$INR DEC futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 73.56-73.60||Market Lot: US$1000|
|Target: 73.75/ 73.85||Stop Loss: 73.46|
|Support: 73.46/73.38||Resistance: 73.75/73.95|