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
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$INR pair has moved near its sizeable Put base of Rs 73.5 and is consolidating near these levels. Possibility of no clear direction in the Dollar index may help the rupee to appreciate in today’s session • The dollar-rupee December contract on the NSE was at Rs 73.58 in the last session. The open interest declined marginally by 3.8% for the December series contract.
|US$INR DEC futures contract (NSE)||View: Brarish on US$INR|
|Sell US$INR in the range of 73.68-73.72||Market Lot: US$1000|
|Target: 73.50/ 73.40||Stop Loss: 73.82|
| Support: 73.50/73.40||Resistance: 73.82/73.95|