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Buy USDINR; target of 74.1 - 74.20 : ICICI Direct

ICICI Direct The rupee further depreciated by 18 paise and moved towards the levels of 74.

October 29, 2020 / 11:22 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee further depreciated by 18 paise and moved towards the levels of 74. Weakness in domestic equities, fresh lockdown in Europe and rise in dollar index pushed the rupee weaker • Weakness in Euro helped the Dollar index to move above 93.6 levels. Pandemic concerns and US advanced trade deficit data pushed focus towards risk aversion assets class.

Currency futures on NSE

US$INR future settled above 74 as the new series started closure is seen in ATM strike Calls. We feel appreciation could be seen in Dollar index due to fresh lock-down in Europe. This will keep the rupee move in check • The dollar-rupee November contract on the NSE was at 74.08 in the last session. The open interest fell 1% for the November series contract.


Intra-day strategy 

US$INR NOV futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.90-74.00Market Lot: US$1000
Target: 74.1/ 74.20Stop Loss: 73.8
Support: 73.60/73.80Resistance: 74.1/74.3

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

first published: Oct 29, 2020 11:22 am
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