Sell USDINR; target of 72.85 - 72.80: ICICI Direct

ICICI Direct, The rupee remained largely flat against dollar in the previous session and ended below 73 once again.

February 12, 2021 / 08:57 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee remained largely flat against dollar in the previous session and ended below 73 once again. Positive FII inflows and weakness in the Dollar index were the major reason in the ongoing performance • The Euro is advancing cautiously although the recent rally in the currency appears to be running out of steam. European Central Bank President Christine Lagarde said it was unlikely that inflation would move towards the ECB target of 2% in the medium term.

Currency futures on NSE

The US$INR future remained below 73 levels on closing basis, which will keep the rupee pair depressed. We believe that the rupee is moving towards 72.50 levels gradually in coming sessions • The dollar-rupee February contract on the NSE was at Rs 72.95 in the last session. The open interest declined 1% for the February series.

Intra-day strategy 

US$INR Feb futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.03-73.07Market Lot: US$1000
Target: 72.85/ 72.80Stop Loss: 73.16
Support: 72.85/72.75Resistance: 73.15/73.30

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first published: Feb 12, 2021 08:57 am

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