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Sell USDINR; target of 74.31: ICICI Direct

ICICI Direct US$INR futures remained flat on Wednesday as a slightly positive dollar index tried to lift prices.

August 27, 2020 / 10:03 AM IST

ICICI Direct's currency report

Spot Currency

US$INR futures remained flat on Wednesday as a slightly positive dollar index tried to lift prices. However, stronger domestic equities capped gains in the pair • The dollar index and the euro traded cautiously on Wednesday as investors refrained from taking risky bets a day ahead of a key speech by Federal Reserve Chairman Jerome Powell.

Currency futures on NSE

Amid growing speculation that Jerome Powell could unveil a softer policy stance towards inflation at the annual Jackson Hole retreat, investors are bracing for the Fed’s possible new steps to prop up the US economy • The dollar-rupee August contract on the NSE was at 74.28 in the last session. The open interest in the August series declined 11.68% while it increased 28.13% in the next series.

Intra-day strategy 

US$INR Sep futures (NS E)View: Bearish on US$INR
Sell US$INR in the range of 74.53.-74.55Market Lot: US $1000
Target: 74.31Stop Loss: 74.70

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first published: Aug 27, 2020 10:03 am

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