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Last Updated : Mar 12, 2020 10:13 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 74.75 - 74.90: ICICI Direct

ICICI Direct expects Open interest declined 1.7% in the last session • Utilise downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee may head toward a record low reached in 2018 as foreign funds pull out of local assets amid growing concerns over the Coronavirus outbreak. Traders are focused on retail inflation data due later on Thursday, which is expected to ease • The US dollar rallied against multiple currency competitors midweek after the World Health Organization (WHO) officially declared that the Coronavirus is now a global pandemic. Investors fled to traditional safe-haven asset following the international body’s announcement.

Benchmark yield

India’s sovereign bonds fell ahead of a debt auction, partly reversing a rally in the previous session, which sent yields to the lowest in a decade. The rupee edged up in line with emerging Asian peers • Treasuries surged with 10-year yields falling another 15 bps on Thursday as large cross-asset risk-off moves provide a powerful lift.

Currency futures on NSE

The dollar-rupee March contract on the NSE was at 73.81 in the previous session. Open interest declined 1.7% in the last session • Utilise downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR March futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 74.29-74.31Market Lot: US$1000
Target: 74.75/ 74.90Stop Loss: 74.15
SupportResistance
Support: 74.15/74.05Resistance: 74.75/74.95

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First Published on Mar 12, 2020 10:13 am
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