Sell USDINR; target of 74.00 - 73.90: ICICI Direct

ICICI Direct The rupee consolidated below 74 levels as no major direction was seen in the Dollar index.

November 27, 2020 / 11:58 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee consolidated below 74 levels as no major direction was seen in the Dollar index. However, due to positive inflows, we feel its likely to face supply at higher levels • The Dollar Index continued to trade below 92 levels ahead of the key events that are lined up later. Weakness in the Dollar index is likely to continue until it trades below 92.5 levels.

Currency futures on NSE

US$INR December future continued to trade in a range with Call writing activity being higher in OTM Calls indicating limited upsides • The dollar-rupee December contract on the NSE was at 74.08 in the last session. The open interest rose 10.4% for the December series contract.

Intra-day strategy

US$INR DEC futures contract (NSE)	View: Bearish on US$INR
Sell US$INR in the range of 74.10-74.15	Market Lot: US$1000
Target: 74.00/ 73.90	Stop Loss: 74.25
Support: 73.80/73.60	Resistance: 74.25/74.45

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