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Last Updated : Sep 28, 2020 09:40 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 74.05 - 74.15: ICICI Direct

ICICI Direct US$INR futures corrected sharply on Friday as domestic equities jumped after days of correction.

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures corrected sharply on Friday as domestic equities jumped after days of correction. However, the pair remained largely supported and recovered gradually as dollar index continued to advance further • The dollar index extended its gains on Friday and was on track for its biggest weekly gain since early April, as investors sought safety amid a slowing economic recovery, rising Coronavirus infections in Europe and uncertainty surrounding the upcoming US elections.

Currency futures on NSE

The dollar is currently being driven by risk aversion that made traders quit their dollar shorts as the outlook for the global economic recovery darkened with a second wave of Covid-19 cases in Europe • The dollar-rupee September contract on the NSE was at 73.72 in the last session. The open interest in the September series declined 18.82% while it increased 21.16% in the next series.

Intra-day strategy 

US$INR Oct futures (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.84-73.86Market Lot: US $1000
Targets: 74.05, 74.15Stop Loss: 73.65

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First Published on Sep 28, 2020 09:21 am