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Sell USDINR; target of 72.60 - 72.50: ICICI Direct

ICICI Direct, The rupee remained almost flat for the day after movement was seen on both sides.

March 22, 2021 / 09:42 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee remained almost flat for the day after movement was seen on both sides. The rupee managed to appreciate almost 3 paise against the US dollar and ended near 72.51 levels • The dollar index on Friday posted modest gains on higher-note yields. EUR/US$ fell back slightly on concern about the third wave of Covid infections spreading through Europe.

Currency futures on NSE

The US$INR pair continue to appreciate as the dollar index remained below 92. However, a rise in US yields would push the Dollar index above 92, which would move the US$INR pair higher. However, a rise should be used to create fresh shorts • The dollar-rupee March contract on the NSE was at Rs 72.58 in the last session. The open interest fell by almost 0.32% for the March series.

Intra-day strategy 

US$INR Mar futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 72.72-72.75Market Lot: US$1000
Target: 72.60/ 72.50Stop Loss: 72.85
 Support: 72.50/72.40Resistance: 73.20/73.40

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: Mar 22, 2021 09:42 am

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