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Sell USDINR; target of 74.90- 74.70 : ICICI Direct

Sell USDINR; target of 74.90- 74.70 : ICICI Direct
August 11
15:08 2020

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

Spot Currency

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

Intra-day strategy 

US$ INR Aug futures contract (NSE)View: Bearish on US$ INR
Sell US$ in the range of 75.13-75.17Market Lot: US$ 1000
Target: 74.90/ 74.70Stop Loss: 75.32
Support: 74.90/74.70Resistance: 75.32/75.48

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First Published on Aug 11, 2020 09:34 am

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