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Buy USDINR; Target Of 74.65 - 74.75: ICICI Direct

ICICI Direct After consolidating near 74.25 levels for a few days, the rupee depreciated almost 28 paise yesterday and moved above 74.50 levels.

Nov 13, 2020 / 09:49 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

After consolidating near 74.25 levels for a few days, the rupee depreciated almost 28 paise yesterday and moved above 74.50 levels. Profit booking in equities after eight consecutive day along with a rise in Dollar index were the main reason • Dollar index managed to move above 93 levels for the first time post US elections. Focus remained on pandemic and potential vaccines. Investors would now watch inflation data and initial claim data.

Currency futures on NSE

Short covering rally was seen in rupee due to which sharp depreciation was seen. We feel Dollar index would rest near 93 levels and the rupee would traded near 74.5 levels in coming sessions. • The dollar-rupee November contract on the NSE was at 74.70 in the last session. The open interest fell 2.6% 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 74.45-74.50Market Lot: US$1000
Target: 74.65/ 74.75Stop Loss: 74.35
Support: 74.20/74.00Resistance: 74.85/74.95

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.

Broker Research
first published: Nov 13, 2020 09:49 am

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