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Last Updated : Oct 22, 2020 08:41 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 73.83 - 73.95 : ICICI Direct

ICICI Direct US$INR futures rose sharply on Wednesday as volatility was experienced in domestic equities.

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures rose sharply on Wednesday as volatility was experienced in domestic equities. Despite weakening dollar, the recent upsides in the pair remains a concern • The dollar index dipped further and moved below 94 on Wednesday but moves were muted as investors awaited the outcome of fiscal stimulus talks ahead of the upcoming US presidential election and as Coronavirus cases spiked in Europe.

Currency futures on NSE

While markets are confident a win by Biden would lead to more fiscal stimulus, potentially weakening the dollar, investors are also wary of a potentially contested election result that may boost the safe-haven appeal of the greenback • The dollar-rupee October contract on the NSE was at 73.77 in the last session. The open interest in the October series declined 5% while it increased 47.8% in the next series.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 73.52-73.56Market Lot: US$1000
Target: 73.83/ 73.95Stop Loss: 73.42
Support: 73.42/73.35Resistance: 73.83/73.95

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First Published on Oct 22, 2020 08:41 am
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