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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

Spot Currency

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.

Intra-day strategy 

US$INR DEC futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.95-74.00Market Lot: US$1000
Target: 74.15/ 74.25Stop Loss: 73.85
 Support: 73.65/73.85Resistance: 74.25/74.50

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: Dec 22, 2020 09:25 am

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