Buy USDINR; target of: 74.15 - 74.25: ICICI Direct
ICICI Direct, The rupee fell by 23 paisa and ended at 73.78 levels due to the sharp sell-off in domestic equities and rebound in the Dollar index •
December 22, 2020 / 09:25 AM IST
ICICI Direct's currency report on USDINR
The rupee fell by 23 paisa and ended at 73.78 levels due to the sharp sell-off in domestic equities and rebound in the Dollar index • The Dollar index edged up aggressively as risk aversion resurfaced in world markets on reports of a new strain of Covid-19 spreading rapidly along with good US economic data.
Currency futures on NSE
After remaining firm above 73.5 levels, a sharp rebound was seen in the US$INR pair, which moved above 74 levels. We feel weakness in the rupee could lead the pair towards 74.5 levels in the coming days • The dollar-rupee December contract on the NSE was at 74.1 in the last session. The open interest increased by 0.3% in the December series contract.
|US$INR DEC futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 73.95-74.00||Market Lot: US$1000|
|Target: 74.15/ 74.25||Stop Loss: 73.85|
| Support: 73.65/73.85||Resistance: 74.25/74.50|