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
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$INR pair managed to close at a two-month low on the back of broader weakness in the dollar and continuous inflow from FIIs. We feel the pair is likely to move towards 73 levels in coming days • The dollar-rupee January contract on the NSE was at Rs 73.27 in the last session. The open interest in the January series increased almost 38%.
|US$INR JAN futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.30-73.34||Market Lot: US$1000|
|Target: 73.20/ 73.10||Stop Loss: 73.45|
| Support: 73.00/73.20||Resistance: 73.55/73.75|