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Sell USDINR; target of 75.25 – 75.15: ICICI Direct

Sell USDINR; target of 75.25 – 75.15: ICICI Direct
June 03
15:08 2020

ICICI Direct The Dollar index is trading below its key level of 98 as risk on rally is visible across asset classes. We believe current momentum may continue till it remains below 98 level.

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee appreciated further, moved towards its highest Put base of 75 and closed the day at 75.18. Continued risk on rally seen in risky asset classes helped the rupee to appreciate further • The Dollar index fell towards its lowest levels since March 16 as the US market rallied nearly 4% for the week. Uncertainty regarding the trade deal with China and no major comment by the President triggered profit booking in safe haven.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.35 in the last session. The open interest remained almost flat in the last session for June series. Fresh OI addition was seen in July • The Dollar index is trading below its key level of 98 as risk on rally is visible across asset classes. We believe current momentum may continue till it remains below 98 level.

Intra-day strategy 

US$ INR Jun futures contract (NSE)View: Bearish on US$ INR
Sell US$ in the range of 75.45-75.50Market Lot: US$ 1000
Target: 75.25/ 75.15Stop Loss: 75.62
Support: 76.15/76.05Resistance: 75.62/76.75

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First Published on Jun 3, 2020 10:24 am

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