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    Sell USDINR; target of 73.80 - 73.70 : ICICI Direct

    ICICI Direct After starting the week on a dismal note, the US$INR currency pair gave up its gains and moved lower.
    October 28, 2020 / 11:18 IST

    ICICI Direct's currency report on USDINR

    Spot Currency

    After starting the week on a dismal note, the US$INR currency pair gave up its gains and moved lower. Positive domestic equities inflows and weakness in Dollar index added more pressure • Dollar index remained depressed below 93 levels due to lack of clarity in stimulus. Durable goods data was above expectation whereas volatility would be seen post consumer confidence data, which is lined up later.

    Currency futures on NSE

    Call writers of 74 strike continued to dominate for a few expiries. We continue to feel the US$INR pair would consolidate unless a sustainable close is seen above 74 level • The dollar-rupee November contract on the NSE was at 73.87 in the last session. The open interest rose 36.1% for the November series contract.

    Intra-day strategy 

    US$INR NOV futures contract (NSE)View: Bullish on US$INR
    Sell US$INR in the range of 73.95-74.00Market Lot: US$1000
    Target: 73.80/ 73.70Stop Loss: 74.11
    Support: 73.50/73.70Resistance: 74.0/74.1

    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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