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Last Updated : Mar 06, 2020 10:54 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 74.20 - 73.35: ICICI Direct

ICICI Direct expects Open interest rose 7.6% in the previous session • Utilise downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee snapped its four-session losing run on Thursday to close 6 paise higher at 73.33 against the US dollar amid hopes that efforts by countries and global agencies would offset financial damage from the novel Coronavirus outbreak • The Dollar Index declined further by 0.5% in the last session as investors digested key economic data and rising cases of the Coronavirus. The euro broadly underperformed its Group-of-10 peers on Wednesday amid concern the Coronavirus may plunge some European Union nations into recession.

Benchmark yield

The bond yields are likely to move up for any potential negative fallout after central bank seized control of Yes Bank and placed limits on its operations. The currency will also feel downward pressure from rising cases of Coronavirus in India • Treasury yields dropped to a new record low, spurring yet another global rally in bonds in a tumultuous week as worries mount over the spread of the Coronavirus in the US.

Currency futures on NSE

The dollar-rupee March contract on the NSE was at 73.54 in the previous session. Open interest rose 7.6% in the previous session • Utilise downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR March futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 73.79-73.81Market Lot: US$1000
Target: 74.20/ 73.35Stop Loss: 73.60
SupportResistance
Support: 73.60/73.40Resistance: 74.20/73.40

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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.



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First Published on Mar 6, 2020 10:54 am
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