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Buy USDINR; Target Of 74.55 - 74.70: ICICI Direct

ICICI Direct The ongoing volatility due to US elections has triggered sharp moves in the rupee as well.

Nov 5, 2020 / 09:42 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The ongoing volatility due to US elections has triggered sharp moves in the rupee as well. Despite testing 75 levels during the day, it retraced marginally towards 74.75 levels • The US dollar index has been finding it tough to move above 94 levels. We believe sustainability above these levels may trigger fresh upsides. Till then, it is likely to remain volatile where selling pressure may be seen at higher levels.

Currency futures on NSE

Rupee future has been quite volatile amid US elections uncertainty and volatility may continue in the short-term where 74 levels are likely to remain strong support. On the higher side, it can move towards 75 levels • The dollar-rupee November contract on the NSE was at 74.79 in the last session. The open interest increased by 5.2% 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 74.21-74.25Market Lot: US$1000
Target: 74.55/ 74.70Stop Loss: 74.05
Support: 74.05/73.90Resistance: 74.55/74.75

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 5, 2020 09:42 am

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