Sell USDINR; target of: 73.40 - 73.30: ICICI Direct
ICICI Direct, The rupee violated its important support of Rs 73.5, which is likely to help it appreciate and move towards Rs 73 levels in coming days.
December 31, 2020 / 10:03 AM IST
ICICI Direct's currency report on USDINR
The rupee violated its important support of Rs 73.5, which is likely to help it appreciate and move towards Rs 73 levels in coming days. Positive domestic equities and weakness in Dollar index would provide support • The Dollar index fell towards fresh low of April 2018 on the back of uncertainty over stimulus. US Chicago Purchasing managers and pending home sales data can offer some volatility.
Currency futures on NSE
Continuous inflows from FIIs and dollar weakness has helped the rupee to appreciate. As it has violated its sizeable Put base of Rs 73.5, it can slide towards Rs 73 levels in coming days • The dollar-rupee January contract on the NSE was at Rs 73.41 in the last session. The open interest in the January series increased almost 82%.
|US$INR JAN futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.50-73.52||Market Lot: US$1000|
|Target: 73.40/ 73.30||Stop Loss: 73.62|
| Support: 73.00/73.20||Resistance: 73.82/73.95|