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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 pair moved above 73 levels once again primarily due to strength in dollar index along with continued weakness seen in equities. For the February series, the Call base is placed at 73.50, which should be immediate hurdle for the pair • The dollar-rupee February contract on the NSE was at Rs 73.27 in the last session. The open interest declined by 7% for February series.

Intra-day strategy 

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

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: Jan 29, 2021 08:47 am

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