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Last Updated : May 13, 2020 11:46 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 75.50 - 75.80 : ICICI Direct

ICICI Direct The rupee further appreciated by 22 paise against the US dollar amid a sharp reversal in domestic equities from lower levels and weakness in the dollar •

Representative Image
Representative Image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee further appreciated by 22 paise against the US dollar amid a sharp reversal in domestic equities from lower levels and weakness in the dollar • Despite advances on Monday, the Dollar index failed to generate the same pace on Tuesday where it consolidated near 100 levels. NFIB index, Fedspeak and CPI figures will now decide the direction from here.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.39 in the last session. The open interest fell by almost 6.8% during the last session • As government announced Rs 20 lakh crore stimulus, the rupee will see volatility in coming days. However, the US$INR pair can witness support near 75 levels once this volatility cools off.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 75.30-75.40Market Lot: US$1000
Target: 75.50/ 75.80Stop Loss: 75.15
Support: 75.00/75.2Resistance: 75.6/75.80
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.



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First Published on May 13, 2020 11:45 am
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