Sell USDINR; target of: 73.45 - 73.35: ICICI Direct
ICICI Direct, The US$INR pair gained positive traction from lower levels and managed to gain Rs 22 paise in previous trade.
January 08, 2021 / 09:14 AM IST
ICICI Direct's currency report on USDINR
The US$INR pair gained positive traction from lower levels and managed to gain Rs 22 paise in previous trade. However, overall data suggests limited upsides • The Dollar index continued to remain near Rs 89.5 levels ahead of key data. Investor’s attention remains on recent developments in Washington. Claims, ISM Non-Manufacturing and Fedspeak would trigger volatility.
Currency futures on NSE
Ahead of the weekly expiry and narrow trading range for the week, the US$INR pair moved higher. However, supply could be seen above Rs 73.5 levels due to writing in OTM strike Calls • The dollar-rupee January contract on the NSE was at Rs 73.55 in the last session. The open interest fell 1.67% of the January series contracts.
|US$INR JAN futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.55-73.59||Market Lot: US$1000|
|Target: 73.45/ 73.35||Stop Loss: 73.69|
| Support: 73.02/72.90||Resistance: 73.60/73.70|