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    Sell USDINR; target of 73.30: ICICI Direct

    ICICI Direct US$INR futures continued to fall sharply on Friday as stronger domestic equities coupled with a weaker dollar dragged prices to their fresh five month’s low of 73.45
    September 01, 2020 / 09:14 IST

    ICICI Direct's currency report on USDINR

    Spot Currency

    US$INR futures continued to fall sharply on Friday as stronger domestic equities coupled with a weaker dollar dragged prices to their fresh five month’s low of 73.45 • The dollar index fell on Friday as the US Federal Reserve’s new policy framework suggested that interest rates would remain low while the yen surged after Japanese Prime Minister Shinzo Abe announced his resignation.

    Currency futures on NSE

    Market participants expect the current ultra-low rates in the US to stay lower for longer, thereby pressurising the dollar • The dollar-rupee September contract on the NSE was at 73.51 in the last session. The open interest in the September series declined 2.11% while it increased 6.08% in the next series.

    Intra-day strategy 

    US$INR Sep futures (NSE)View: Bearish on US$INR
    Sell US$INR in the range of 73.68-73.70Market Lot: US$1000
    Target: 73.30Stop Loss: 73.92

    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.

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