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Last Updated : Feb 27, 2019 11:16 AM IST | Source:

Sell USDINR; target of 71.20 - 71.10: ICICI Direct

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

ICICI Direct's currency report on USDINR

Spot Currency

The rupee ended lower sustaining losses of 13-paise against US$ amidst geo political escalation between India and Pakistan. However with recovery in major currencies we expect Rupee to remain supported in backdrop of lower oil prices • The dollar further extended losses against Euro and GBP while JPY too rose against US$. Directions of US-China trade talks as well as global uncertainty around Brexit continues to rule the roost. Any positive outcome in trade talks as well as clarity on Brexit would improve risk on sentiment. However UK Pm said that UK won’t exit the bloc without parliament’s agreement.

Benchmark yield

Government bonds declined on Tuesday. Although Crude oil prices have seen a decline, eruption in geo political crises between India and Pakistan would weigh on domestic debt • US treasury yields declined amidst rising expectations that Fed may continue to remain dovish. Overall, the upcoming US economic data as well as direction of trade talks will provide cues for rate hikes.

Currency futures on NSE

The dollar-rupee March contract on the NSE was at 71.32 in the previous session. March contract open interest increased 31.80% 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$INR March futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 71.40 -71.46Market Lot: US$1000
Target: 71.20 / 71.10Stop Loss: 71.59
S1/ S2: 71.30 / 71.15R1/R2:71.45 /71.65
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on Feb 27, 2019 11:16 am
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