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
ICICI Direct's currency report on USDINR
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.
|US$INR Mar futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.13-73.17||Market Lot: US$1000|
|Target: 72.90/ 72.80||Stop Loss: 73.25|
| Support: 72.90/72.80||Resistance: 73.25/73.40|