Sell USDINR; Target Of 74.60 - 74.45: ICICI Direct
ICICI Direct The rupee appreciated by 5 paise and ended near 74.60 on a special Diwali trading session.
Nov 17, 2020 / 10:07 AM IST
ICICI Direct's currency report on USDINR
The rupee appreciated by 5 paise and ended near 74.60 on a special Diwali trading session. Looking at the contracting IVs, we feel the rupee would trade in a range • After making a high near 93 levels, the Dollar index retraced back towards 92.5 levels. Rising pandemic cases and news on VACCINE would be closely monitored by investors.
Currency futures on NSE
Profit booking was seen in US$INR future on the higher side whereas looking at the Dollar index and writing in OTM Calls we feel upsides for the pair could be limited • The dollar-rupee November contract on the NSE was at 74.67 in the last session. The open interest fell 7.5% for the November series contract.
|US$INR NOV futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 74.70-74.75||Market Lot: US$1000|
|Target: 74.60/ 74.45||Stop Loss: 74.85|
|Support: 74.20/74.00||Resistance: 74.85/74.95|