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Sell USDINR; target of: 73.05 - 72.90: ICICI Direct

ICICI Direct, The rupee depreciated by 12 paise to settle at 73.04 against the US dollar on Thursday, tracking muted domestic equities and a strengthening American currency.

January 29, 2021 / 08:47 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee depreciated by 12 paise to settle at 73.04 against the US dollar on Thursday, tracking muted domestic equities and a strengthening American currency. • The US Federal Reserve kept its bond purchase program and benchmark interest rate unchanged Wednesday and delivered a slightly more dovish message by acknowledging recent moderation in the economic activity and calling for higher inflation.

Currency futures on NSE

US$INR Feb futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.28-73.32Market Lot: US$1000
Target: 73.05/ 72.90Stop Loss: 73.42
Support: 73.05/72.90Resistance: 73.42/73.49