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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

Spot Currency

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.

Intra-day strategy 

US$INR NOV futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 74.70-74.75Market Lot: US$1000
Target: 74.60/ 74.45Stop Loss: 74.85
Support: 74.20/74.00Resistance: 74.85/74.95

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 17, 2020 10:07 am

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