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Last Updated : Oct 12, 2020 10:47 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 73.18 - 73.00: ICICI Direct

ICICI Direct Supported by positive domestic equities and marginal weakness in the Dollar index, the rupee appreciated marginally and closed at 73.24.

ICICI Direct's currency report on USDINR

Spot Currency

Supported by positive domestic equities and marginal weakness in the Dollar index, the rupee appreciated marginally and ended at 73.13. With the dollar index moving to two-week’s low, further appreciation is likely to be seen • The Chinese yuan fell after policy makers acted to restrain its strength by making it easier to bet against. Financial institutions will no longer need to set aside cash for clients through currency forwards.

Currency futures on NSE

The expected stimulus by the US Senate has triggered sharp moves in the dollar index. It has tested its twoweek lows in the last session. The rupee has been trading in a range and is likely to remain under pressure at higher levels • The dollar-rupee October contract on the NSE remained largely flat near 73.25 in the last session. The open interest has risen by 8.6% for October series in the last session.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 73.33-73.36Market Lot: US$1000
Target: 73.18/ 73.00Stop Loss: 73.52
Support: 73.10/73.00Resistance: 73.50/73.70

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First Published on Oct 12, 2020 10:47 am
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