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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 •

Jul 31, 2020 / 01:49 PM IST

ICICI Direct's currency report on USDINR

Spot Currency

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.

Intra-day strategy 

US$INR Aug futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 75.10-75.15Market Lot: US$1000
Target: 75.00/ 74.80Stop Loss: 75..25
Support: 74.70/74.80Resistance: 75.15/75.25

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: Jul 31, 2020 01:49 pm

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