Moneycontrol
Get App
Last Updated : May 18, 2020 09:31 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 75.70 - 75.60 : ICICI Direct

ICICI Direct This may help the rupee to appreciate as overall its expected to trade in range. It has approached near its sizeable Call base of 76.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee further depreciated marginally and ended at 75.56 last week. Choppy equities along with no clear direction in the US Dollar index was the main reason • The Dollar index strengthened last week and moved towards 100.5. It climbed on FOMC remarks pushing back negative interest rate policy.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.88 in the last session. The open interest fell almost 5.1% during the last session • The Dollar index has moved near its previous supply line of 100.5. If it retraces towards 100 again, EM currencies will see a pullback. This may help the rupee to appreciate as overall its expected to trade in range. It has approached near its sizeable Call base of 76.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 75.85-75.95Market Lot: US$1000
Target: 75.70/ 75.60Stop Loss: 76.1
Support: 75.50/75.60Resistance: 76.00/76.20

Close

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.



Moneycontrol Ready Reckoner
Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.

First Published on May 18, 2020 09:31 am
Sections
Follow us on