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Sell USDINR; target of 72.50 - 72.40: ICICI Direct

ICICI Direct, The rupee continued to appreciate and made a new one year high. It gained 4 paise on Tuesday to close at 72.46.

February 24, 2021 / 09:27 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continued to appreciate and made a new one year high. It gained 4 paise on Tuesday to close at 72.46 • For a second day in a row, the Dollar index continued to hover near 90 levels. Housing data, Fed Chair Powell’s testimony, consumer confidence would be watched closely, which may trigger some volatility.

Currency futures on NSE

The US$INR appreciated whereas future fell 10 paise and ended marginally above 72.54 levels ahead of the expiry. We continue to believe that the rupee would appreciate and move towards 72.3 levels • The dollar-rupee February contract on the NSE was at Rs 72.54 in the last session. The open interest fell almost 10% in the February series.

Intra-day strategy 

US$INR Feb futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 72.66-72.70Market Lot: US$1000
Target: 72.50/ 72.40Stop Loss: 72.79
 Support: 72.50/72.40Resistance: 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 24, 2021 09:27 am

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