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Budget 2021

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Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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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

Spot Currency

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.

Intra-day strategy 

US$INR JAN futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.55-73.59Market Lot: US$1000
Target: 73.45/ 73.35Stop Loss: 73.69
 Support: 73.02/72.90Resistance: 73.60/73.70

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: Jan 8, 2021 09:14 am

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