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Sell USDINR; target of 72.50 – 72.40 : ICICI Direct

Sell USDINR; target of 72.50 – 72.40 : ICICI Direct
February 23
11:09 2021

ICICI Direct, The rupee gained another 15 paise to close at 72.50. It managed to gain 10 paise to end at 72.65 levels.

February 23, 2021 / 09:19 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee gained another 15 paise to close at 72.50. It managed to gain 10 paise to end at 72.65 levels. We feel the rupee is likely to appreciate further • The momentum in GBP/US$ continued. It remained largely above 1.40 levels. The risk on move in the currency pair is likely to continue and a change of bias would be seen only below 1.38 levels.

Currency futures on NSE

The US$ INR future continue to appreciate against the dollar and moved below our target levels of 72.50. We believe it should consolidate around these levels while upsides can be used as shorting opportunity once again • The dollar-rupee February contract on the NSE was at Rs 72.46 in the last session. The open interest increased almost 5% 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 72.68-72.72Market Lot: US$ 1000
Target: 72.50/ 72.40Stop Loss: 72.82
 Support: 72.50/72.40Resistance: 72.82/72.90

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