Sell USDINR; target of 74.90- 74.70 : ICICI Direct
ICICI Direct The future of the trade deal between the world’s largest economies will be decided late in the week.
ICICI Direct’s currency report on USDINR
The rupee spot prices remained almost flat for another session and strengthened marginally amid positive equities. However, weak Asian currencies have kept the rupee under check. We expect it to remain in the stated range of 74.50-75.50 for a while • The US dollar index declined slightly after US President Donald Trump signed an executive order, extending some payments to Americans. That was after talks between Democrats and Republicans failed to reach an agreement last week.
Currency futures on NSE
The future of the trade deal between the world’s largest economies will be decided late in the week. China has hinted at a collapse of the deal. Any nasty surprise may shake confidence and could boost the safe haven dollar • The dollar-rupee contract on the NSE was at 75.10 in the last session. The open interest in August series declined by 4.8% while it declined almost 1% in the next series
|US$ INR Aug futures contract (NSE)||View: Bearish on US$ INR|
|Sell US$ in the range of 75.13-75.17||Market Lot: US$ 1000|
|Target: 74.90/ 74.70||Stop Loss: 75.32|
|Support: 74.90/74.70||Resistance: 75.32/75.48|
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First Published on Aug 11, 2020 09:34 am