Buy USDINR; target of 76.00 - 76.10: ICICI Direct

ICICI Direct As the Dollar index remained in a range, no clear trend is seen in EM currencies where the rupee also followed the same trend. However, we feel a close above 76 would be needed for any further upsides.

May 28, 2020 / 09:30 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee depreciated marginally and ended at 75.72 against the US dollar as rising tensions between the US and China escalated along with no major revival seen in the global economy • The rally in equities left the forex markets behind with the Dollar index remaining muted below 99.5 levels. Rising tensions between the US and China kept the index move in check.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.89 in the last session. The open interest rose by almost 25.7% during the last session • As the Dollar index remained in a range, no clear trend is seen in EM currencies where the rupee also followed the same trend. However, we feel a close above 76 would be needed for any further upsides.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 75.70-75.80Market Lot: US$1000
Target: 76.00/ 76.10Stop Loss: 75.60
Support: 75.4/75.60Resistance: 76.00/76.30

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.

first published: May 28, 2020 09:30 am

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