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Last Updated : Oct 15, 2020 09:58 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 73.28 - 73.18 : ICICI Direct

ICICI Direct The rupee appreciated marginally in the last session and closed near 73.30 levels as the spread between the future and spot continue to contract amid positive bias seen in domestic equities•

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated marginally in the last session and closed near 73.30 levels as the spread between the future and spot continue to contract amid positive bias seen in domestic equities • The Euro remained under pressure and slipped to a one week low due to risk off trades. Dismal German ZEW economic sentiment data showed that rising Covid cases and no deal Brexit fears were increasing uncertainty in the Eurozone.

Currency futures on NSE

The US$INR pair is likely to find pressure at higher levels as significant Call option build-up is likely to keep upsides limited for the pair. Despite recent reversal in dollar index, we expect the rupee to remain below 73.80 levels in the coming days • The dollar-rupee October contract on the NSE closed almost flat near 73.38 in the last session. The open interest rose 1.85% in the last session.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 73.46-73.50Market Lot: US$1000
Target: 73.28/ 73.18Stop Loss: 73.58
Support: 73.25/73.15Resistance: 73.58/73.65

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First Published on Oct 15, 2020 09:58 am
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