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Sell USDINR; Target Of 74.10 - 74.00: ICICI Direct

ICICI Direct As there was a reversal in the Dollar index from 94 levels, the rupee managed to climb almost 40 paise yesterday.

Nov 6, 2020 / 10:41 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

As there was a reversal in the Dollar index from 94 levels, the rupee managed to climb almost 40 paise yesterday. We feel the current leg of appreciation will continue • The dollar index loses further ground and moved to its two-months low as Joe Biden kept his lead vs. Donald Trump as vote counting continued. FOMC meet would provide some further volatility but support for the index is placed near 92.30 levels.

Currency futures on NSE

A sharp reversal pushed the rupee towards 74.25 levels as Call writers continued to dominate at higher levels. We feel US$INR pair should hold its support of 74 and is likely to consolidate • The dollar-rupee November contract on the NSE was at 74.23 in the last session. The open interest fell 4.1% for the November series contract.

Intra-day strategy 

US$INR NOV futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 74.25-74.29Market Lot: US$1000
Target: 74.10/ 74.00Stop Loss: 74.40
Support: 74.05/73.90Resistance: 74.55/74.75

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: Nov 6, 2020 10:41 am

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