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Last Updated : Sep 15, 2020 09:08 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 73.40 - 73.25: ICICI Direct

ICICI Direct US$INR futures were volatile on Monday as the dollar index weakened against a basket of major currencies.

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures were volatile on Monday as the dollar index weakened against a basket of major currencies. However, a sharp correction in domestic equities provided support to the pair • The dollar index slipped on Monday against its major peers, dropping to a two-week low vs. the yen, as positive news about a Covid-19 vaccine and a wave of merger & acquisition deals lifted the mood in global equity markets.

Currency futures on NSE

This week’s US Federal Reserve meeting will be its first since Chairman Jerome Powell unveiled a policy shift toward greater tolerance of inflation, effectively pledging to keep interest rates low for longer • The dollar-rupee September contract on the NSE was at 73.59 in the last session. The open interest in the September series increased 0.46% while it also increased by 7.92% in the next series.

Intra-day strategy 

US$INR Sep futures (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.70-73.72Market Lot: US $1000
Targets: 73.40, 73.25Stop Loss: 73.95

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First Published on Sep 15, 2020 09:08 am
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