172@29@17@145!~!172@29@0@53!~!|news|business|stocks|sell-usdinr-target-of-73-30-73-20-icici-direct-2-5927331.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Subscribe to Moneycontrol Pro and get 365 bonus InterMiles! Use Code: INTERMILES
Last Updated : Oct 06, 2020 09:26 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 73.30 - 73.20: ICICI Direct

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

Spot Currency

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.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 73.45-73.48Market Lot: US$1000
Target: 73.30/ 73.20Stop Loss: 73..60
Support: 73.00/73.10Resistance: 73.60/73.80

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 on Oct 6, 2020 09:26 am
Sections