Sell USDINR; target of 75.00 - 74.80 : ICICI Direct
ICICI Direct As the Dollar index fell to a two years low and moved towards May 2018 low, we feel the rupee will appreciate and again move below 75 levels •
July 31, 2020 / 01:49 PM IST
ICICI Direct's currency report on USDINR
For the second day in a row selling was seen in domestic equities which pressure rupee marginally and it fell ~4 paisa. However, a fall in crude oil prices and Dollar index will help the rupee to appreciate • The dollar on Thursday dropped to its lowest level since May 2018 as the Federal Reserve said it plans to keep interest rates close to zero and inflation hedges continue to show strength.
Currency futures on NSE
As the Dollar index fell to a two years low and moved towards May 2018 low, we feel the rupee will appreciate and again move below 75 levels • The dollar-rupee contract on the NSE was at 75.09 in the last session. The open interest fell 0.56% in the last session.
|US$INR Aug futures contract (NSE)||View: Bearish on US$INR|
|Sell US$ in the range of 75.10-75.15||Market Lot: US$1000|
|Target: 75.00/ 74.80||Stop Loss: 75..25|
|Support: 74.70/74.80||Resistance: 75.15/75.25|