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Last Updated : May 14, 2020 11:05 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 75.60 - 75.80 : ICICI Direct

ICICI Direct The USDINR pair can witness support near 75 levels once this volatility cools off.

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Representative Image

ICICI Direct's currency report on USDINR

Spot Currency

As the fiscal stimulus boosted investors sentiments, the rupee rose marginally by 5 paisa yesterday. However, risk sentiments are negative and investor sentiments remain fragile over Coronavirus concerns • US equities ended deep in the red whereas the Dollar index remained near 100 levels as testimony by Fed Chair Jerome Powell pointed towards a grim outlook for the US economy.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.39 in the last session. The open interest fell almost 5.65% during the last session • As the government announced a | 20 lakh crore stimulus, the rupee is expected to see volatility in coming days. However, the US$INR pair can witness support near 75 levels once this volatility cools off.

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: 75.60/ 75.80Stop Loss: 75.15
Support: 75.00/75.2Resistance: 75.6/75.80

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First Published on May 14, 2020 11:05 am
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