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