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