Upcoming Webinar :Register now for 'ULIP as an investment during economic recovery' powered by Bajaj Allianz

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

Spot Currency

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.

Intra-day strategy 

US$INR Oct futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 74.05-74.10Market Lot: US$1000
Target: 73.90/ 73.80Stop Loss: 74.20
Support: 73.50/73.70Resistance: 74.1/74.2
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.

first published: Oct 27, 2020 11:32 am

stay updated

Get Daily News on your Browser
Sections