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Last Updated : Oct 11, 2019 12:12 PM IST | Source: Moneycontrol.com

Sell USDINR; target of 70.80 - 70.70: ICICI Direct

ICICI Direct expects USDINR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions.

Representative image
Representative image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee ended unchanged yesterday amid ranged moves in major currencies as well as absence of any major market moving data. It is likely to open higher today tracking further gains in CNY as well as soft US$ • The US$ index ended lower amid a sharp bounce in GBP and Euro. Revival of Brexit hopes led to a sharp rally in the British Pound. High level US-China trade talks are currently underway. Sentiment has been buoyed by trade deal optimism. Any positive signals could see further gains in EM currencies led by.

Benchmark yield

Domestic benchmark 10-year yields ended higher at 6.46% on Thursday. Investors are likely to track the government’s spending data amid reduction in corporate tax levels • The US 10-year benchmark yield closed sharply higher at 1.67% yesterday. Positive signals from Brexit coupled with trade deal optimism buoyed yields.

Currency futures on NSE

The dollar-rupee October contract on the NSE was at 71.19 in the previous session. Open interest declined 2.64% in the previous session • We expect the US$INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions.

Intra-day strategy 

US$INR October futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 71.03 -71.07Market Lot: US$1000
Target: 70.80 / 70.70Stop Loss: 71.23
SupportResistance
S1/ S2: 71.0 / 70.85R1/R2:71.20 / 71.35
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 Oct 11, 2019 12:12 pm
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