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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

Spot Currency

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.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 73.53-73.57Market Lot: US$1000
Target: 73.85/ 73.95Stop Loss: 73.45
Support: 73.45/73.35Resistance: 73.85/73.95

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: Oct 23, 2020 09:21 am

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