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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

Spot Currency

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.

Intra-day strategy 

US$INR Jan futures (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.66-73.68Market Lot: US$1000
Targets: 73.52, 73.42Stop Loss: 73.82

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.

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first published: Dec 30, 2020 08:50 am

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