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Buy USDINR; Target Of 74.30 - 74.45: ICICI Direct

ICICI Direct The rupee remained volatile yesterday and finally ended at 74.18 levels after depreciating almost 3 paise against the US dollar.

Nov 11, 2020 / 09:36 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee remained volatile yesterday and finally ended at 74.18 levels after depreciating almost 3 paise against the US dollar. However, positive domestic equities, continued FII inflows will limit its downside • Dollar Index took support near 92 levels and bounced marginally. Attention has moved towards US politics and Covid-19 vaccine, which will provide volatility to risk aversion asset class.

Currency futures on NSE

Despite positive domestic equities, the rupee depreciated marginally on the back of bounce in Dollar index, which had moved to two month’s low. We feel the rupee would consolidate in a range for a few weeks before moving towards 73.5 levels • The dollar-rupee November contract on the NSE was at 74.38 in the last session. The open interest fell 0.6% 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 74.10-74.14Market Lot: US$1000
Target: 74.30/ 74.45Stop Loss: 73.95
Support: 74.10/73.90Resistance: 74.45/74.65
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: Nov 11, 2020 09:36 am

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