Sell USDINR; target of 72.65 - 72.55: ICICI Direct

ICICI Direct, The rupee appreciated sharply and moved to an 11-month high against the US dollar in the last session.

February 15, 2021 / 09:02 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated sharply and moved to an 11-month high against the US dollar in the last session. Continued positive FII inflows and weakness in the Dollar index are helping the ongoing performance • The Euro remained firm against the dollar amid strong growth prospects in the region due to the expected better performance of the vaccine rollout. Moreover further fiscal stimulus in the US is also helping the Euro to remain above 1.20.

Currency futures on NSE

The US$INR future witnessed sharp declines in the last session and futures moved to their lowest levels of more than 11 months. We expect the current trend to continue and the rupee can test 72.50 levels in coming sessions • The dollar-rupee February contract on the NSE was at Rs 72.74 in the last session. The open interest increased by almost 1% 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 72.83-72.87Market Lot: US$1000
Target: 72.65/ 72.55Stop Loss: 72.95
 Support: 72.65/72.55Resistance: 72.95/73.05

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first published: Feb 15, 2021 09:02 am

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