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Sell USDINR; target of 72.90 - 72.80: ICICI Direct

ICICI Direct, The rupee remained largely range bound in the last trading session despite the weakness seen in the Dollar index.

March 12, 2021 / 09:25 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee remained largely range bound in the last trading session despite the weakness seen in the Dollar index. With a further recovery expected in domestic equities, we expect the rupee to strengthen from current levels • The US dollar gained ground this month on growing expectation that the US economy will lead the global recovery in 2021. However, after ECB comments on borrowing cost, it moved towards a one week low.

Currency futures on NSE

The Dollar index declined from its three months high coupled with some cool-off in bonds that are likely to help the rupee to appreciate against the dollar in the near term. In such a scenario, levels around 73.10-73.20 can be utilised to create short positions in the currency pair • The dollar-rupee March contract on the NSE was at Rs 73.14 in the last session. The open interest remained almost unchanged 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 73.13-73.17Market Lot: US$1000
Target: 72.90/ 72.80Stop Loss: 73.25
 Support: 72.90/72.80Resistance: 73.25/73.40

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 12, 2021 09:25 am

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