172@29@17@151!~!172@29@0@53!~!|news|business|stocks|sell-usdinr-target-of-73-45-73-35-icici-direct-2-5955981.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 : Oct 13, 2020 09:36 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 73.45 - 73.35 : ICICI Direct

ICICI Direct After four days of up move, the rupee fell 13 paise and closed at 73.26 against the US dollar amid weakening Asian peers and profit booking in domestic equities.

ICICI Direct's currency report on USDINR

Spot Currency

After four days of up move, the rupee fell 13 paise and closed at 73.26 against the US dollar amid weakening Asian peers and profit booking in domestic equities • The Dollar index managed to rebound from its important support of 93. The focus would be on US election and stimulus bill, which would provide volatility.

Currency futures on NSE

The Dollar index tested its two week low and is likely to move further higher towards 93.5 levels. This will keep an Asian currency move in check. We feel the rupee could depreciate marginally from here • The dollar-rupee October contract on the NSE remained largely flat near 73.41 in the last session. The open interest has risen 9.0% for the October series in the last session.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 73.55-73.58Market Lot: US$1000
Target: 73.45/ 73.35Stop Loss: 73.68
Support: 73.10/73.00Resistance: 73.50/73.70
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 Oct 13, 2020 09:36 am
Sections