Sell USDINR; target of: 73.50 - 73.40: ICICI Direct

ICICI Direct, Yesterday there was quiet trading for the rupee as after initial volatility, it ended almost flat.

December 29, 2020 / 11:58 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

Yesterday there was quiet trading for the rupee as after initial volatility, it ended almost flat. However, development on vaccine and news related to fresh cases of Covid-19 would keep the rupee move in check • Dollar index bounced and remained above Rs 90 levels as US fiscal stimulus is formalised and a government shutdown is avoided. We feel the index is likely to consolidate near 90 levels.

Currency futures on NSE

The US$INR pair has moved near its sizeable Put base of Rs 73.5 and is consolidating near these levels. Possibility of no clear direction in the Dollar index may help the rupee to appreciate in today’s session • The dollar-rupee December contract on the NSE was at Rs 73.58 in the last session. The open interest declined marginally by 3.8% for the December series contract.

Intra-day strategy 

US$INR DEC futures contract (NSE)View: Brarish on US$INR
Sell US$INR in the range of 73.68-73.72Market Lot: US$1000
Target: 73.50/ 73.40Stop Loss: 73.82
 Support: 73.50/73.40Resistance: 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 29, 2020 11:58 am

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