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Sell USDINR; target of 72.30 - 72.20: ICICI Direct

ICICI Direct, The rupee continue to find strength and moved to its highest level in almost a month on continued foreign inflows into domestic equities.

March 23, 2021 / 10:52 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continue to find strength and moved to its highest level in almost a month on continued foreign inflows into domestic equities. US$INR pair has outperformed rest of the Asian peers in the recent leg • The greenback was broadly lower amid a rally in the US Treasury market ahead of US data and a series of Fed speakers including Jerome Powell. However, there is possibility of the Dollar index moving towards 92.50 till it holds above 91.60 levels.

Currency futures on NSE

US$INR pair continued to appreciate as the dollar index failed to sustain above 92 levels. Moreover, some cooloff in US yields provided cushion to the US$INR pair, which gained further strength amid continued FII inflows. However, a rise should be used to create fresh shorts • The dollar-rupee March contract on the NSE was at Rs 72.44 in the last session. The open interest increased by almost 13.5% for the March series.

It is good time to trade in Currency?

Intra-day strategy 

US$INR Mar futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 72.46-72.50Market Lot: US$1000
Target: 72.30/ 72.20Stop Loss: 72.62
Support: 72.30/72.20Resistance: 72.60/73.70

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first published: Mar 23, 2021 10:52 am

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