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Last Updated : Mar 02, 2020 10:06 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 72.15 - 72.00: ICICI Direct

ICICI Direct expects Open interest rose 31.6% in the previous session • Utilise upsides in the pair to initiate short positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee on Friday plunged by 63 paise to end at a nearly six-month low of 72.24 against the US dollar, tracking a heavy sell-off in equities and sustained foreign fund outflows on fears that Coronavirus can wreak havoc on the global economy • The US dollar weakened against the euro and the Japanese yen after comments by Fed Chair Jerome Powell led investors to expect interest rate cuts in March.

Benchmark yield

The yield on the 10-year bond remained almost flat and ended at 6.37 compared to 6.38 in its previous session • US treasury yields tumbled to new lows in Asia while stock markets steadied as investors pinned their hopes on central banks unleashing a wave of easing measures to cushion the economic hit.

Currency futures on NSE

The dollar-rupee March contract on the NSE was at 72.40 in the previous session. Open interest rose 31.6% in the previous session • 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 72.43-72.47Market Lot: US$1000
Target: 72.15/ 72.00Stop Loss: 72.60
SupportResistance
Support: 72.15/72.00Resistance: 72.15/72.25

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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 Mar 2, 2020 10:06 am
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