ICICI Direct, The rupee gained 7 paise and ended at 72.89 against the US dollar on the back of FIIs inflow and weakness in the dollar.
February 10, 2021 / 09:39 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee gained 7 paise and ended at Rs 72.89 against the US dollar on the back of FIIs inflow and weakness in the dollar. However, rising crude oil prices could be a concern, which would limit its gain • Dollar index traded negative for a third day in a row after witnessing selling from YTD high of Rs 91.6. NFIB Index, JOLTs Job Openings and Fed speak outcome would trigger some volatility.
Currency futures on NSE
The US$ INR continued to trade near Rs 73 levels along with rise in crude oil prices. However, a sustainable bounce is not expected due to a sharp fall in the Dollar index, which will keep the US$ INR pair move in check • The dollar-rupee February contract on the NSE was at Rs 73.04 in the last session. The open interest increased almost 3% for February series.
Intra-day strategy
| US$ INR Feb futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 73.18-73.22 | 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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