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Last Updated : Oct 20, 2020 09:25 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 73.35 - 73.25 : ICICI Direct

ICICI Direct Despite the sharp rally seen in the equity market, the rupee ended almost flat on Monday.

ICICI Direct's currency report on USDINR

Spot Currency

Despite the sharp rally seen in the equity market, the rupee ended almost flat on Monday. It fell only 2 paisa against the US dollar. However, from the high it appreciated and managed to recover some losses • Ahead of Fed Chair Jerome Powell’s speech, the dollar index turned negative and ended near 93.60 levels. Rising Covid-19 cases and political triggers would provide cushion to risk appetite assets.

Currency futures on NSE

The dollar index is likely to remain volatile due to election and Fed’s speech, which would provide some trigger to EM currencies. However, writing activity in 73.5 strike Call are likely to keep pair move in check • The dollar-rupee October contract on the NSE closed near 73.38 in the last session. The open interest fell 2.8% in the last session.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 73.45-73.50Market Lot: US$1000
Target: 73.35/ 73.25Stop Loss: 73.61
Support: 73.25/73.15Resistance: 73.65/73.75
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First Published on Oct 20, 2020 09:25 am
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