ICICI Direct, After three days of positive streak, INR fell 3 paise against US Dollar last Friday.
January 18, 2021 / 08:45 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
After three days of positive streak, INR fell 3 paise against US Dollar last Friday. However, India’s forex reserves continue to touch new life high at $ 586.082 bn. The US Dollar rallied more than 0.6% last week marking the 2 nd consecutive weekly advances. Euro continue to remain bearish as weak German economic growth, another political crisis in Italy and a slow vaccine rollout in the EU.
Currency futures on NSE
Due to lower average volumes USDINR pair remained almost flat last week. However, its likely to bounce from its sizeable Put base of 73 and up move in US Dollar index which is stable above 90 levels. The dollar-rupee January contract on the NSE was at Rs 73.16 in the last session. The open interest remained almost flat in the January series contracts.
Intra-day strategy
| US$ INR JAN futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 73.09-73.11 | Market Lot: US$ 1000 |
| Target: 73.25/ 73.35 | Stop Loss: 72.98 |
| Support: 72.90/73.00 | Resistance: 73.35/73.45 |
Disclaimer:
