Sell USDINR; target of 72.40 - 72.30: ICICI Direct

ICICI Direct, Despite some technical glitch faced by the NSE the rupee managed to gain 14 paise and ended at a new one year high.

February 25, 2021 / 08:45 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

Despite some technical glitch faced by the NSE the rupee managed to gain 14 paise and ended at a new one year high. Aggressive buying in extended market hours and positive FII inflows helped the rupee to maintain its gains • The Dollar index continued to remain near 90 levels as investors waited after Fed’s ultra accommodative stance, the second testimony of Fed Chair Jerome Powell, Fedspeak, with housing data next on tap.

Currency futures on NSE

The US$INR remained very volatile ahead of the expiry. Traders shifted their Call writing positions to the March series, which is likely to limit upsides in the US$INR pair • The dollar-rupee March contract on the NSE was at Rs 72.64 in the last session. The open interest fell almost 13% in the new series.

Intra-day strategy 

US$INR Mar futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 72.60-72.64Market Lot: US$1000
Target: 72.40/ 72.30Stop Loss: 72.77
 Support: 72.40/72.30Resistance: 72.82/72.90

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 25, 2021 08:45 am

stay updated

Get Daily News on your Browser
Sections