Sell USDINR; target of 72.60 - 72.50: ICICI Direct

ICICI Direct, After two days of consolidation, the rupee managed to gain 10 paise to end at 72.65 levels.

February 22, 2021 / 08:55 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

After two days of consolidation, the rupee managed to gain 10 paise to end at 72.65 levels. We feel the rupee is likely to appreciate further • The dollar index on Friday posted moderate losses. A rally in GBP/US$ on Friday to a new two and a three-fourth year high weighed on the dollar along with strength in other G-10 currencies against the dollar.

Currency futures on NSE

The US$INR future gained some momentum and ended near 72.63 levels. Looking at the writing in OTM strike Calls we feel upsides are limited and a close below 72.4 levels would open the gates for lower targets • The dollar-rupee February contract on the NSE was at Rs 72.63 in the last session. The open interest declined almost 3% 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 72.78-72.82Market Lot: US$1000
Target: 72.60/ 72.50Stop Loss: 72.92
Support: 72.65/72.55Resistance: 72.92/73.05

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first published: Feb 22, 2021 08:55 am

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