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

ICICI Direct, The rupee depreciated marginally as weakness in domestic equities put pressure on the currency.

January 28, 2021 / 09:30 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee depreciated marginally as weakness in domestic equities put pressure on the currency. For the new series, the option concentration suggest a range of 73-73.50 ahead of Union Budget • The DXY dollar index recovered most of the declines seen yesterday and closed near highs near 90.7. The Federal Reserve maintained its super-accommodative monetary policy on Wednesday, but a brighter medium-term outlook suggests that a change may be on the horizon.

Currency futures on NSE

US$INR Feb futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.23-73.27Market Lot: US$1000
Target: 73.05/ 72.90Stop Loss: 73.37
Support: 73.05/72.90Resistance: 73.37/73.45
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