Sell USDINR; target of 72.80 - 72.70: ICICI Direct

ICICI Direct, After some intraday volatility and support at lower levels, the rupee ended almost flat.

February 17, 2021 / 09:27 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

After some intraday volatility and support at lower levels, the rupee ended almost flat. Sell-off in equities and elevated crude oil prices are likely to keep the rupee move in check • US Empire State index surprised on the upside in February while the Dollar index turned positive and moved towards 90.5 levels.

Currency futures on NSE

The US$INR future witnessed marginal bounce whereas spot ended flat. Elevated crude oil prices and Dollar index above 90.5 helped pair to gain 11 paise. However, upsides seem limited • The dollar-rupee February contract on the NSE was at Rs 72.79 in the last session. The open interest declined almost 8% 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 72.90-72.92Market Lot: US$1000
Target: 72.80/ 72.70Stop Loss: 73.05
 Support: 72.65/72.55Resistance: 72.92/73.05
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first published: Feb 17, 2021 09:27 am

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