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Last Updated : Jul 30, 2020 08:42 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 74.90 - 74.80 : ICICI Direct

ICICI Direct Volatility could be seen in the rupee and other EM currencies due to FOMC meet.

Broker Research

ICICI Direct's currency report on USDINR

Spot Currency

On the back of weakness in the Dollar Index and monthly expiry, the rupee gained 2 paise and ended near 74.8. We continue to feel the pair could trade in a range of 75.2 to 74.5 in the coming days • The Dollar index continued to stay under pressure below 94 levels. However, some volatility can be seen as advanced trade deficit came in at $70.64 billion in June.

Currency futures on NSE

Volatility could be seen in the rupee and other EM currencies due to FOMC meet. However, choppiness is likely to continue near 75 levels and the pair could slip towards 74.5 • The dollar-rupee contract on the NSE was at 74.95 in the last session. The open interest rose 40.6% in the last session.

Intra-day strategy 

US$INR Aug futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 75.00-75.05Market Lot: US$1000
Target: 74.90/ 74.80Stop Loss: 75..15
Support: 74.60/74.70Stop Loss: 75..15

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First Published on Jul 30, 2020 08:42 am
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