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Last Updated : May 12, 2020 12:44 PM IST | Source: Moneycontrol.com

Buy USDINR; target of 76.00 - 76.20 : ICICI Direct

ICICI Direct The USDINR pair is likely to move higher as Covid-19 cases are increasing. The Dollar index is trading in a range. If it manages to close above 100.60 levels, most EM currencies will further depreciate.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee moved higher towards 76 levels as the number of Covid-19 cases continued to rise in India. Strengthening of the Dollar index and negative domestic equities weighed on investor sentiment • The Dollar index started the week on optimistic note and moved above 100 levels. However, last week it faced difficulty at higher levels. We feel the range can be broken only if it closes above 100.60 levels.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.94 in the last session. The open interest fell by almost 2.5% during the last session • The US$INR pair is likely to move higher as Covid-19 cases are increasing. The Dollar index is trading in a range. If it manages to close above 100.60 levels, most EM currencies will further depreciate.

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/ 76.20Stop Loss: 75.6
Support: 75.34/75.6Resistance: 76.00/76.20
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 12, 2020 12:44 pm
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