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Sell USDINR; target of 73.88 - 73.80: ICICI Direct

ICICI Direct US$INR futures rose slightly on Tuesday as domestic equities retreated from the day’s high.

September 30, 2020 / 08:37 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures rose slightly on Tuesday as domestic equities retreated from the day’s high. However, a sell-off in the US dollar index capped gains in the pair • The dollar index fell further from two-month highs on Tuesday, weighed down by currency flows in the options market as well as for month end, with investors also capitalising on recent gains in the greenback ahead of the first debate between two US presidential candidates.

Currency futures on NSE

The dollar is expected to resume its downtrend as US House of Representatives Speaker Nancy Pelosi said that Democratic lawmakers were unveiling a new $2.2 trillion fiscal stimulus bill • The dollar-rupee October contract on the NSE was at 73.99 in the last session. The open interest in the October series declined 0.63% while it increased 7.79% in the next series.

Intra-day strategy 

US$INR Oct futures (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.99-74.01Market Lot: US$1000
Targets: 73.88, 73.80Stop Loss: 74.12

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first published: Sep 30, 2020 08:37 am

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