ICICI Direct After a sharp move last week, the rupee settled 16 paise lower against the US dollar and ended near 73.29 levels.
ICICI Direct's currency report on USDINR
After a sharp move last week, the rupee settled 16 paise lower against the US dollar and ended near 73.29 levels. However, positive domestic equities are likely to keep the rupee move in check • The dollar was down on Tuesday morning in Asia over rising hopes that the US Congress will reach an agreement over the latest stimulus measures to ease the economic impact of Covid-19.
Currency futures on NSE
The Dollar index remained muted on the back of hopes of more stimulus. The rupee started the week by depreciating marginally. However, we feel it is likely to move towards 73 levels due to weakness in the dollar • The dollar-rupee October contract on the NSE was at 73.41 in the last session. The open interest rose 3.7% in the last session.
|US$INR Oct futures contract (NSE)||View: Bearish on US$INR|
|Sell US$ in the range of 73.45-73.48||Market Lot: US$1000|
|Target: 73.30/ 73.20||Stop Loss: 73..60|
|Support: 73.00/73.10||Resistance: 73.60/73.80|
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