Buy USDINR; target of 75.85 – 76.05: ICICI Direct
ICICI Direct The rupee has been finding support near 75.35-75.40 levels (spot). We expect it to witness a fresh up move from these levels.
ICICI Direct’s currency report on USDINR
The rupee continued to find strength despite weak equity markets and ended the day at 75.58, gaining more than 6 paise. After a positive opening, the rupee spent the rest of the session in a narrow range of 75.50-75.60 • The dollar index failed to sustain above 97.50 levels and lost some ground. It weakened against all its Group-of-10 peers after a coronavirus vaccine developed by a Chinese firm received approval for military use and a stronger-than-expected CNY fixing weighed on demand for haven assets.
Currency futures on NSE
The rupee has been finding support near 75.35-75.40 levels (spot). We expect it to witness a fresh up move from these levels. Only a close below it may trigger further downsides in the currency pair • The dollar-rupee contract on the NSE was at 75.69 in the last session. The open interest increased almost 2.5% in the July series.
|US$ INR Jul futures contract (NSE)||View: Bullish on US$ INR|
|Buy US$ in the range of 75.58-75.62||Market Lot: US$ 1000|
|Target: 75.85/ 76.05||Stop Loss: 75.45|
|Support: 75.45/75.30||Resistance: 75.85/76.05|
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First Published on Jun 30, 2020 10:05 am