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Buy USDINR; Target Of 74.35 - 74.50: ICICI Direct

ICICI Direct The rupee appreciated by almost 26 paise and closed near 74.20 levels as positive flows in domestic equities continued•

Nov 19, 2020 / 09:35 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated by almost 26 paise and closed near 74.20 levels as positive flows in domestic equities continued • The dollar index found support near 92 levels once again. These levels are a crucial support for the dollar index below which fresh downtrend is expected. However, increasing concerns regarding tighter restrictions due to Covid-19 may keep downsides limited.

Currency futures on NSE

The US$INR pair is expected to find support near 74 levels once again as the range bound movement is likely to continue. Significant Put base is also likely to provide support near these levels • The dollar-rupee November contract on the NSE was at 74.23 in the last session. The open interest increased by 4.9% 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 74.13-74.17Market Lot: US$1000
Target: 74.35/ 74.50Stop Loss: 74.02
Support: 74.02/73.90Resistance: 74.35/74.55
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 19, 2020 09:35 am

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