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Buy USDINR; target of 75.25 – 75.40: ICICI Direct

Buy USDINR; target of 75.25 – 75.40: ICICI Direct
July 13
13:08 2020

ICICI Direct The rupee depreciated further and moved to 75.40 levels. However, we continue to feel that consolidation can be seen in the rupee with 75.5 levels acting as a hurdle •

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee slipped 21 paise and ended at 75.20 last Friday as the Dollar index showed signs of support near 96 levels. Rising Covid–19 cases also led to mounting fears among investors who seemed to be moving away from riskier assets • As US stocks rose, the Dollar index dipped marginally. Risk sentiment remains strong despite the lingering Coronavirus concerns. The focus this week will be on the US earnings seasons along with US inflation and retail sales data.

Currency futures on NSE

The rupee depreciated further and moved to 75.40 levels. However, we continue to feel that consolidation can be seen in the rupee with 75.5 levels acting as a hurdle • The dollar-rupee contract on the NSE was at 75.38 in the last session. The open interest declined 6.6% in the last session.

Intra-day strategy 

US$ INR Jul futures contract (NSE)View: Bullish on US$ INR
Buy US$ in the range of 75.10-75.15Market Lot: US$ 1000
Target: 75.25/ 75.40Stop Loss: 74.95
Support: 74.90/75.05Resistance: 75.40/75.50

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.

First Published on Jul 13, 2020 11:29 am

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