Buy USDINR; target of 73.85 - 73.95 : ICICI Direct
ICICI Direct US$INR futures remained largely range bound but flat on Thursday as volatility was experienced in domestic equities.
Oct 23, 2020 / 09:21 AM IST
ICICI Direct's currency report on USDINR
US$INR futures remained largely range bound but flat on Thursday as volatility was experienced in domestic equities. Despite weakening dollar, the recent upsides in the pair remains a concern • The US dollar hit a seven-week low 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 was advancing against the rupee although it is falling vs. its major counterparts as hopes rise that Congress will be able to achieve 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 73.69 in the last session. The open interest in the October series declined 4.8% while it increased 6.1% in the next series.
|US$INR Oct futures contract (NSE)||View: Bullish on US$INR|
|Buy US$ in the range of 73.53-73.57||Market Lot: US$1000|
|Target: 73.85/ 73.95||Stop Loss: 73.45|
|Support: 73.45/73.35||Resistance: 73.85/73.95|