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Last Updated : Oct 30, 2020 11:22 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 74.55 - 74.65 : ICICI Direct

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

Broker Research

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continued its downward journey as it moved above 74 levels. Yesterday it fell by 23 paise and ended near 74.1 whereas November future above 74.55. Choppy domestic equities and strengthening of Dollar index remains major concern • The Dollar index remained cautious ahead of the ECB event. However, 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 seen in 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 74.30-74.40Market 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 Oct 30, 2020 11:22 am
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