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Sell USDINR; target of 71.90 - 71.80: ICICI Direct

ICICI Direct expects Open interest rose 39.9% in the previous session • Utilise upsides in the pair to initiate short positions.

February 27, 2020 / 10:28 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee managed to rise 20 paise and closed at 71.66 in the last trading session, in line with other Asian currencies as crude oil prices fell another 2% • The Dollar Index rose marginally and ended at 99 levels amid risk-off sentiment as focus stays on Covid-19. However, after consolidation near this level for a couple of days, it is likely to test 100 levels, which will keep emerging market currency move in check.

Benchmark yield

The yield on the 10-year bond rose 0.25% and ended at 6.35 compared to 6.33 in its previous session • US treasury bonds fell another 1% on Wednesday as the accelerating spread of COVID-19 outside China kept investors on the edge and drove stocks lower for a fifth day.

Currency futures on NSE

The dollar-rupee February contract on the NSE was at 71.9 in the previous session. Open interest rose 39.9% in the previous session • Utilise upsides in the pair to initiate short positions.

Intra-day strategy 

US$INR February futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 72.00-72.10Market Lot: US$1000
Target: 71.90/ 71.80Stop Loss: 72.20
SupportResistance
Support: 71.75/71.60Resistance: 72.15/72.25

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: Feb 27, 2020 10:28 am

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