Sell USDINR; target of: 73.10 - 73.00: ICICI Direct

ICICI Direct, The rupee continued to remain in a range due to contraction in volatility.

February 08, 2021 / 09:32 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continued to remain in a range due to contraction in volatility. Last Friday it ended almost flat at 72.92 levels, down 3 paise • The dollar index continued to hold above 91 levels post its Friday’s reversal from higher levels. Disappointing US jobs data caused some investors to scale back bets.

Currency futures on NSE

The US$INR pair is likely to consolidate near 73 levels for a few sessions. However, upsides could be limited due to a sell-off in the Dollar index last Friday • The dollar-rupee February contract on the NSE was at Rs 73.07 in the last session. The open interest increased almost 2% for February series.

Intra-day strategy 

US$INR Feb futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.20-73.22Market Lot: US$1000
Target: 73.10/ 73.00Stop Loss: 73.31
Support: 72.95/72.85Resistance: 73.30/73.50

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icicidirect.com
first published: Feb 8, 2021 09:32 am

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