Sell USDINR; target of 72.65 - 72.55: ICICI Direct
ICICI Direct, The rupee depreciated marginally and ended at 72.42 against the dollar despite recent dollar weakness as FII inflows have paused.
February 26, 2021 / 08:29 AM IST
ICICI Direct's currency report on USDINR
The rupee depreciated marginally and ended at 72.42 against the dollar despite recent dollar weakness as FII inflows have paused. US yields have moved up sharply towards 1.45 in the last session • The Dollar index finally moved below 90 levels as fresh momentum was observed across risk assets post comments from the Fed. Euro has also moved to an almost two month high against the dollar.
Currency futures on NSE
The US$INR March futures closed at 72.75 levels. However, considering the significant Call base at 73, we do not expect a major up move from current levels with upsides remaining shorting opportunities • The dollar-rupee March contract on the NSE was at Rs 72.75 in the last session. The open interest increased almost 4% in the March series.
|US$INR Mar futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 72.78-72.82||Market Lot: US$1000|
|Target: 72.65/ 72.55||Stop Loss: 72.92|
|Support: 72.60/72.40||Resistance: 72.92/72.98|