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
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.
|US$INR NOV futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 74.30-74.34||Market Lot: US$1000|
|Target: 74.52/ 74.65||Stop Loss: 74.2|
|Support: 74.00/74.20||Resistance: 74.55/74.65|