ICICI Direct, Amid losses in the domestic market, the rupee slipped 6 paise and closed at 72.74 levels.
February 18, 2021 / 09:27 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
Amid losses in the domestic market, the rupee slipped 6 paise and closed at 72.74 levels. The Fed meeting outcome could trigger some volatility, which is expected in the Dollar index as well • The Dollar index moved to weekly high levels as US retail sales came in above consensus. Higher yields undermine the recent upbeat sentiment in the risk complex.
Currency futures on NSE
The US$ INR future partly continued its momentum and gained for a second day. Dollar index moving higher provided support to the pair but we feel upsides could be limited in the pair • The dollar-rupee February contract on the NSE was at Rs 72.80 in the last session. The open interest declined almost 7% in the February series.
Intra-day strategy
| US$ INR Feb futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 72.84-72.86 | Market Lot: US$ 1000 |
| Target: 72.70/ 72.60 | Stop Loss: 72.97 |
| Support: 72.65/72.55 | Resistance: 72.92/73.05 |
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