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Buy USDINR; target of: 74.35 - 74.50: ICICI Direct

ICICI Direct, Weakness in the rupee continued as it depreciated and closed above 74 levels.

June 22, 2021 / 08:45 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

Weakness in the rupee continued as it depreciated and closed above 74 levels. However, positive domestic equities would limit downsides • As US stocks rebounded sharply, the Dollar index fell marginally. However, it continued to sustain near crucial level of 92. Weakness in Euro should continue, which would provide cushion to the Dollar index.

Currency futures on NSE

Despite the sharp up move seen in the Dollar index, the US$INR appreciated and moved back towards 74 levels. However, we believe the depreciation may continue in the short term. The US$INR pair should move higher towards 74.50 levels • The dollar-rupee June contract on the NSE was at Rs 74.20 in the last session. The open interest declined almost 3% for the June series.

Intra-day strategy 

US$INR June futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 74.03-74.07Market Lot: US$1000
Target: 74.35/ 74.50Stop Loss: 73.89
Support: 73.90/73.70Resistance: 74.35/74.50

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: Jun 22, 2021 08:45 am

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