ICICI Direct, The rupee continued to remain in a range due to contraction in volatility.
icicidirect.com
February 08, 2021 / 09:32 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continued to remain in a range due to contraction in volatility. Last Friday it ended almost flat at 72.92 levels, down 3 paise • The dollar index continued to hold above 91 levels post its Friday’s reversal from higher levels. Disappointing US jobs data caused some investors to scale back bets.
Currency futures on NSE
The US$ INR pair is likely to consolidate near 73 levels for a few sessions. However, upsides could be limited due to a sell-off in the Dollar index last Friday • The dollar-rupee February contract on the NSE was at Rs 73.07 in the last session. The open interest increased almost 2% for February series.
Intra-day strategy
| US$ INR Feb futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 73.20-73.22 | Market Lot: US$ 1000 |
| Target: 73.10/ 73.00 | Stop Loss: 73.31 |
| Support: 72.95/72.85 | Resistance: 73.30/73.50 |
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