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
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$INR pair moved above 73 levels once again primarily due to strength in dollar index along with continued weakness seen in equities. For the February series, the Call base is placed at 73.50, which should be immediate hurdle for the pair • The dollar-rupee February contract on the NSE was at Rs 73.27 in the last session. The open interest declined by 7% for February series.
|US$INR Feb futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.28-73.32||Market Lot: US$1000|
|Target: 73.05/ 72.90||Stop Loss: 73.42|
|Support: 73.05/72.90||Resistance: 73.42/73.49|