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Last Updated : May 20, 2020 09:24 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 75.80 - 76.00 : ICICI Direct

ICICI Direct However, we feel the rupee will consolidate in a range and again move towards 76 levels.

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Representative Image

ICICI Direct's currency report on USDINR

Spot Currency

On the back of initial success in Covid-19 vaccine trail, the rupee ended higher by 25 paisa at 75.64. However, selling in domestic equities and sharp bounce in crude oil prices kept the rupee move in check • After Monday’s loss, the Dollar index consolidated below 100 levels. Now the attention is on testimony of Fed Chair Jerome Powell and housing data.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.67 in the last session. The open interest fell by almost 1.1% during the last session • Positive domestic equity and successful trail of vaccine weighed on the rupee yesterday. However, we feel the rupee will consolidate in a range and again move towards 76 levels.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 75.50-75.60Market Lot: US$1000
Target: 75.80/ 76.00Stop Loss: 75.40
Support: 75.40/75.50Resistance: 76.00/76.20

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First Published on May 20, 2020 09:24 am
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