172@29@17@138!~!172@29@0@53!~!|news|business|stocks|sell-usdinr-target-of-73-40-73-25-icici-direct-2-5863841.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 : Sep 21, 2020 09:20 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 73.40, 73.25: ICICI Direct

ICICI Direct US$INR futures fell on Friday as the dollar index remained under pressure against basket of major currencies.

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures fell on Friday as the dollar index remained under pressure against basket of major currencies. However, a sharp correction in domestic equities provided support to the pair. The U.S. dollar index remained weak on Friday as investors sought safety amid concerns about a resurgence in coronavirus cases in Europe and a lack of progress in U.S. fiscal stimulus negotiations.

Currency futures on NSE

Heightening U.S.-China tensions due to a Trump administration plan to ban WeChat and video-sharing app TikTok from U.S. app stores may put further pressure on the dollar. The dollar-rupee Sep contract on the NSE was at ₹ 73.48 in the last session. The open interest in the Sep series increased by 3.71%, while it also increased by 9.02% in the next series.

Intra-day strategy 

US$INR Sep futures (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.55-73.57Market Lot: US $1000
Targets: 73.40, 73.25Stop Loss: 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 on Sep 21, 2020 09:20 am
Sections