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Sell USDINR; target of 72.70 - 72.60: ICICI Direct

ICICI Direct, The Rupee further appreciated by 8 paise and ended near 72.35 levels as Dollar index remained below 92 levels.

March 17, 2021 / 08:52 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The Rupee further appreciated by 8 paise and ended near 72.35 levels as Dollar index remained below 92 levels. The US dollar gained from the bottom but largely remained below 92 levels ahead of the data. Retail Sales and Industrial Production would be looked at for further ques.

Currency futures on NSE

USDINR pair remained almost flat for the day after initial volatility. As Dollar index sustaining below 92 levels, we feel INR is likely to appreciate towards 72.3 levels in coming days. The dollar-rupee March contract on the NSE was at Rs 72.62 in the last session. The open interest rose by almost 0.6% for the March series.

Intra-day strategy 

US$INR Mar futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 72.84-72.86Market Lot: US$1000
Target: 72.70/ 72.60Stop Loss: 72.97
 Support: 72.70/72.50Resistance: 73.20/73.40

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Mar 17, 2021 08:52 am

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