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Last Updated : Nov 03, 2020 09:13 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 74.55 - 74.65: ICICI Direct

ICICI Direct The rupee continue to depreciate in the spot market and moved towards 74.42 levels tracking a strong US dollar last week.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continue to depreciate in the spot market and moved towards 74.42 levels tracking a strong US dollar last week. However, rupee future ended almost flat compared to its last trading session • The Dollar index started the week on optimistic note and moved above the levels of 94 on Monday. Further upsides bring September high of 94.75 into focus. If the index continue to rise further then those levels should be seen.

Currency futures on NSE

The rupee depreciated and the pair remained at the elevated levels due to sharp rise in Dollar index. We feel due to surge in volatility in forex market, trading range would be high. However, closure in OTM strike Calls are indicating that the rupee could move towards 75 levels • The dollar-rupee November contract on the NSE was at 74.59 in the last session. The open interest rose 1.9% 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 74.35-74.40Market Lot: US$1000
Target: 74.55/ 74.65Stop Loss: 74.2
Support: 74.0/74.2Resistance: 74.7/74.8

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First Published on Nov 3, 2020 09:13 am
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