Sell USDINR; Target Of 73.90 - 73.80 : ICICI Direct
ICICI Direct US$INR US$INR futures remained largely range bound but slipped further on Friday.
Oct 27, 2020 / 11:32 AM IST
ICICI Direct's currency report on USDINR
The rupee depreciated and moved towards 74 levels as a sharp fall was seen in equities with a rise in the Dollar index, which again moved above 93 levels • Due to weakness in Euro, the Dollar index rallied and moved above 93 levels again. A sharp rise in Covid cases and fading stimulus hopes added to the rise.
Currency futures on NSE
Weakness in the rupee was mainly on the back of Dollar index and a choppy domestic market. However, Call writing positions are high in ATM strike and a leg of appreciation could be seen from here • The dollar-rupee October contract on the NSE was at 74.01 in the last session. The open interest declined 26.1% for the October series while it increased 48.1% in the next series.
|US$INR Oct futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 74.05-74.10||Market Lot: US$1000|
|Target: 73.90/ 73.80||Stop Loss: 74.20|
|Support: 73.50/73.70||Resistance: 74.1/74.2|