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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
Image: Reuters

Image: Reuters

ICICI Direct's currency report on USDINR

Spot Currency

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.

Intra-day strategy 

US$INR Mar futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 72.78-72.82Market Lot: US$1000
Target: 72.65/ 72.55Stop Loss: 72.92
Support: 72.60/72.40Resistance: 72.92/72.98

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first published: Feb 26, 2021 08:29 am

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