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Buy USDINR; Target Of 74.52 - 74.65: ICICI Direct

ICICI Direct The rupee continued its downward journey as it moved above 74 levels.

Nov 2, 2020 / 08:31 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continued its downward journey as it moved above 74 levels. On Friday, it fell by 23 paise and ended near 74.1 whereas November future was above 74.55. Choppy domestic equities and strengthening of the Dollar index remain major concerns • Caution remained on the Dollar index ahead of the ECB event. However, the recent lockdown and uncertainty on the amount of stimulus attracted risk aversion buying.

Currency futures on NSE

As the rupee moved above 74 levels, aggressive selling was seen due to which it depreciated sharply. As no major weakness was seen in the Dollar index, we feel the rupee will continue to depreciate • The dollar-rupee November contract on the NSE was at 74.61 in the last session. The open interest rose by 14.4% 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 74.30-74.34Market Lot: US$1000
Target: 74.52/ 74.65Stop Loss: 74.2
Support: 74.00/74.20Resistance: 74.55/74.65
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 2, 2020 08:31 am

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