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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 pair reverted in the last session but closed almost flat amid strength in dollar index. 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 73.23 in the last session. The open interest increased by 69% as the new series started.

Intra-day strategy 

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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first published: Jan 28, 2021 09:27 am

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