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Buy USDINR; target of 75.15 – 75.25: ICICI Direct

Buy USDINR; target of 75.15 – 75.25: ICICI Direct
July 10
09:09 2020

ICICI Direct The rupee closed almost flat while no major OI was seen in the US$ INR pair.

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee opened 8 paise higher on the back of gains in domestic equities. For a fourth day in a row, the rupee remained under pressure against the US dollar • The Dollar index finally gave up 97 levels and moved below 96.5 in the previous session. Risk-on sentiment continues to rule the global mood whereas US initial claims came in at 1,314 million during last week due to which the dollar fell.

Currency futures on NSE

The rupee closed almost flat while no major OI was seen in the US$ INR pair. We feel the trading range with support near 75 levels would continue • The dollar-rupee contract on the NSE was at 75.18 in the last session. The open interest remained almost flat in the last session.

Intra-day strategy 

US$ INR Jul futures contract (NSE)View: Bullish on US$ INR
Buy US$ in the range of 75.00-75.05Market Lot: US$ 1000
Target: 75.15/ 75.25Stop Loss: 74.90
Support: 74.70/74.90Resistance: 75.15/75.25

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First Published on Jul 10, 2020 08:33 am

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