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Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Sell USDINR; target of: 73.20 - 73.10: ICICI Direct

ICICI Direct, The rupee continue to appreciate and closed at 73.06 levels in the previous session as positive domestic equities and huge inflows by FIIs continued•

January 01, 2021 / 02:49 PM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continue to appreciate and closed at 73.06 levels in the previous session as positive domestic equities and huge inflows by FIIs continued • Dollar index rebounded 0.24 paise at the end of the year as initial jobless claims and continuing claims came inline with the expectation. However, uncertainty over stimulus would keep the index move in check.

Currency futures on NSE

The US$INR pair managed to close at a two-month low on the back of broader weakness in the dollar and continuous inflow from FIIs. We feel the pair is likely to move towards 73 levels in coming days • The dollar-rupee January contract on the NSE was at Rs 73.27 in the last session. The open interest in the January series increased almost 38%.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.30-73.34Market Lot: US$1000
Target: 73.20/ 73.10Stop Loss: 73.45
 Support: 73.00/73.20Resistance: 73.55/73.75

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Jan 1, 2021 02:49 pm

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