Buy USDINR; Target Of 74.45 - 74.55: ICICI Direct
ICICI Direct The rupee found support near 74 levels and depreciated again as the dollar index also found support near 92 levels.
Nov 12, 2020 / 08:34 AM IST
ICICI Direct's currency report on USDINR
The rupee found support near 74 levels and depreciated again as the dollar index also found support near 92 levels. Significant inflows in domestic equities in last few sessions are likely to keep upsides limited • Dollar Index took support near 92 levels and bounced towards 93.40 levels. The ongoing concerns regarding US presidential elections are keeping the dollar volatile. Moreover, positive news regarding Covid-19 vaccine is keeping the risk assets afloat.
Currency futures on NSE
Despite positive domestic equities, the rupee depreciated marginally on the back of bounce in the Dollar index, which had moved from two month’s lows to 93.50. We believe the rupee may continue its consolidation for some more time before finding fresh direction • The dollar-rupee November contract on the NSE was at 74.47 in the last session. The open interest remained largely unchanged for the November series contract.
|US$INR NOV futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 74.23-74.27||Market Lot: US$1000|
|Target: 74.45/ 74.55||Stop Loss: 74.12|
|Support: 74.10/73.95||Resistance: 74.45/74.65|