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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
Source: Pixabay

Source: Pixabay

ICICI Direct's currency report on USDINR

Spot Currency

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%.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.50-73.52Market Lot: US$1000
Target: 73.40/ 73.30Stop Loss: 73.62
 Support: 73.00/73.20Resistance: 73.82/73.95

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: Dec 31, 2020 10:03 am

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