Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!

Sell USDINR; target of: 73.35 - 73.25: ICICI Direct

ICICI Direct, Starting the day on a sluggish note, the rupee made a smart recovery and pared intraday losses to close at Rs 73.24 levels against the US dollar •

January 11, 2021 / 08:47 AM IST
Image: Pixabay

Image: Pixabay

ICICI Direct's currency report on USDINR

Spot Currency

Starting the day on a sluggish note, the rupee made a smart recovery and pared intraday losses to close at Rs 73.24 levels against the US dollar • The Dollar index ended the week higher even as the December US jobs report came in higher-than-expected. We feel the Dollar index would continue to face supply pressure near its previous hurdle of Rs 90.5.

Currency futures on NSE

Volatility remained high in the US$INR pair last week. However, looking at the writing in OTM strike Calls, we feel upsides could be limited • The dollar-rupee January contract on the NSE was at Rs 73.39 in the last session. The open interest fell Rs 0.85% of the January series contracts.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.45-73.49Market Lot: US$1000
Target: 73.35/ 73.25Stop Loss: 73.59
 Support: 73.02/72.90Resistance: 73.60/73.70

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: Jan 11, 2021 08:47 am

stay updated

Get Daily News on your Browser
Sections