Sell USDINR; target of 72.70 - 72.60: ICICI Direct

ICICI Direct, Amid losses in the domestic market, the rupee slipped 6 paise and closed at 72.74 levels.

February 18, 2021 / 09:27 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

Amid losses in the domestic market, the rupee slipped 6 paise and closed at 72.74 levels. The Fed meeting outcome could trigger some volatility, which is expected in the Dollar index as well • The Dollar index moved to weekly high levels as US retail sales came in above consensus. Higher yields undermine the recent upbeat sentiment in the risk complex.

Currency futures on NSE

The US$INR future partly continued its momentum and gained for a second day. Dollar index moving higher provided support to the pair but we feel upsides could be limited in the pair • The dollar-rupee February contract on the NSE was at Rs 72.80 in the last session. The open interest declined almost 7% 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 72.84-72.86Market Lot: US$1000
Target: 72.70/ 72.60Stop Loss: 72.97
Support: 72.65/72.55Resistance: 72.92/73.05

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first published: Feb 18, 2021 09:27 am

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