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Sell USDINR; target of 76.00 - 75.80: ICICI Direct

ICICI Direct USDINR has moved towards its sizeable Call base of 76. We feel a marginal retracement can be seen towards 75.5 levels in coming days.

May 29, 2020 / 10:14 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee further depreciated marginally and ended at 75.74 against the US dollar as tensions between the US and China kept on escalating • The Dollar index failed to hold the important level of 99 and moved to 98.5 levels. Q1 GDP contracted 5%, well below estimates whereas initial jobless claims rose further.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 76.01 in the last session. The open interest fell almost 1.9% during the last session • The Dollar index came under pressure on the back of contracting GDP. US$INR has moved towards its sizeable Call base of 76. We feel a marginal retracement can be seen towards 75.5 levels in coming days.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 76.15-76.25Market Lot: US$1000
Target: 76.00/ 75.80Stop Loss: 76.35
Support: 75.7/75.80Resistance: 76.30/76.40
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: May 29, 2020 10:14 am

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