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Buy USDINR; target of 75.85 – 76.05: ICICI Direct

Buy USDINR; target of 75.85 – 76.05: ICICI Direct
June 30
11:08 2020

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.

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ICICI Direct’s currency report on USDINR

Spot Currency

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.

Intra-day strategy 

US$ INR Jul futures contract (NSE)View: Bullish on US$ INR
Buy US$ in the range of 75.58-75.62Market Lot: US$ 1000
Target: 75.85/ 76.05Stop Loss: 75.45
Support: 75.45/75.30Resistance: 75.85/76.05

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First Published on Jun 30, 2020 10:05 am

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