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Sell USDINR; Target Of 74.50 - 74.35: ICICI Direct

ICICI Direct The rupee appreciated almost 14 paise and ended below 74.5 levels as positive flows in domestic equities continued.

Nov 18, 2020 / 09:10 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated almost 14 paise and ended below 74.5 levels as positive flows in domestic equities continued • The dollar index was hurt by risk on trade as US retail sales expanded less than estimates in October. Concerns persist over the advance of the pandemic with tighter restrictions in many countries.

Currency futures on NSE

US$INR pair continued to find hurdles at higher levels due to continuous profit booking and writing in OTM strike Calls. As the Dollar index is expected to move towards 92 levels, we may see the rupee move towards 74 levels • The dollar-rupee November contract on the NSE was at 74.50 in the last session. The open interest fell 4.8% 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 74.60-74.65Market Lot: US$1000
Target: 74.50/ 74.35Stop Loss: 74.75
SupportResistance
Support: 74.20/74.00Resistance: 74.85/74.95

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first published: Nov 18, 2020 09:10 am

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