Sell USDINR; target of: 73.52 - 73.42: ICICI Direct
ICICI Direct, US$INR futures fell further on Tuesday as domestic equities continued to rally at all-time high along with dollar weakening also pressuring the pair•
December 30, 2020 / 08:50 AM IST
ICICI Direct's currency report on USDINR
US$INR futures fell further on Tuesday as domestic equities continued to rally at all-time high along with dollar weakening also pressuring the pair • The dollar index hit a more than two-year low against the euro on Tuesday and riskier currencies including the Australian and Canadian dollars gained as optimism that US lawmakers would enlarge stimulus payments to individuals boosted risk sentiments.
Currency futures on NSE
Investors are betting the greenback will continue to decline. It fell more than 6% this year on expectations the Federal Reserve will hold interest rates near zero and the US economy will struggle to recover from Coronavirusrelated shutdowns • The dollar-rupee January contract on the NSE was at | 73.62 in the last session. The open interest in the January series increased almost 73% while it also increased by 21% in the next series.
|US$INR Jan futures (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.66-73.68||Market Lot: US$1000|
|Targets: 73.52, 73.42||Stop Loss: 73.82|