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Last Updated : Aug 03, 2020 09:59 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 74.80 - 74.60 : ICICI Direct

ICICI Direct As the Dollar index fell to two years low and moved towards May 2018 low, we feel the rupee will appreciate and is likely to move towards 74.50 level •

ICICI Direct's currency report on USDINR

Spot Currency

The downtrend in the dollar index did not impact the rupee. It remained range bound below 75 levels. Weakness in equities also did not help in appreciation of the currency pair. However, we expect it to breach 74.50 levels in the days to come • The dollar intensified the decline and moved below 93 following the dovish note at the FOMC meeting on Wednesday, when the committee showed increasing concerns on the impact of the Coronavirus pandemic on the economy.

Currency futures on NSE

As the Dollar index fell to two years low and moved towards May 2018 low, we feel the rupee will appreciate and is likely to move towards 74.50 level • The dollar-rupee contract on the NSE was at 75.00 in the last session. The open interest increased 1.14% in the last session.

Intra-day strategy 

US$INR Aug futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 75.08-75.12Market Lot: US$1000
Target: 74.80/ 74.60Stop Loss: 75..25
Support: 74.80/74.60Resistance: 75.25/75.35

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First Published on Aug 3, 2020 09:59 am
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