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Budget 2021

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Moneycontrol

Budget 2021

Associate Partners:

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

ICICI Direct, The rupee appreciated and moved towards its crucial support of 73 level amid broad based weakening of the dollar.

January 05, 2021 / 09:34 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated and moved towards its crucial support of 73 level amid broad based weakening of the dollar. A move below 73 may open the gates towards 71.50 for the US$INR in coming weeks • The US dollar index started the new year by slipping 0.3% to 89.51, the lowest level since April 2018. The ongoing weakness has propelled the fresh move in safe assets like gold.

Currency futures on NSE

The US$INR pair remained largely range bound but closed near its two-month low on the back of broader weakness in the dollar and continuous inflow from FIIs. Below 73 levels, further weakness in the currency pair can be expected • The dollar-rupee January contract on the NSE was at | 73.20 in the last session. The open interest in the January series increased marginally by 2% in the last session.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.28-73.32Market Lot: US$1000
Target: 73.10/ 73.00Stop Loss: 73.42
Support: 73.10/73.00R1/R2:68.25/68.45

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first published: Jan 5, 2021 09:34 am
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