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Budget 2021

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Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Buy USDINR; target of 75.05 - 75.15: ICICI Direct

ICICI Direct Short covering was seen in the last session due to which the rupee weakened by 25 paise.

July 08, 2020 / 10:30 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

After appreciating for a long time, the rupee tumbled nearly 25 paise and closed at 74.95 levels despite the Dollar index remaining under pressure. We continue to feel the US$INR pair could remain in a range for a couple of sessions • The Dollar index continued to remain under pressure below 97 levels as questions on the effect of pandemic on the US economy rises. JOLTs Job Openings, IBD/TIPP index and API report could be the trigger for the index.

Currency futures on NSE

Short covering was seen in the last session due to which the rupee weakened by 25 paise. However, we feel it could consolidate in a range in coming days • The dollar-rupee contract on the NSE was at 75.06 in the last session. The open interest fell almost 4.2% in the last session.

Intra-day strategy 

US$INR Jul futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 74.90-74.95Market Lot: US$1000
Target: 75.05/ 75.15Stop Loss: 74.80
Support: 74.70/74.80Resistance: 75.05/75.15

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: Jul 8, 2020 10:30 am

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