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Buy USDINR; target of: 75.20 – 75.30 : ICICI Direct

Buy USDINR; target of: 75.20 – 75.30 : ICICI Direct
July 20
11:08 2021

ICICI Direct, The rupee witnessed sharp depreciation against the dollar in the last session and lost 55 paise amid a strengthening dollar index •

July 20, 2021 / 09:17 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee witnessed sharp depreciation against the dollar in the last session and lost 55 paise amid a strengthening dollar index • The safe-haven US dollar moved higher against a basket of major currencies on Monday as investors grew nervous about a raging Coronavirus variant that could threaten the outlook for a global economic recovery. The greenback jumped even as the US 10-year Treasury yield dropped to a more than five-month low of 1.176%.

Currency futures on NSE

The US$ INR has moved higher towards 75 levels surpassing its highest Call base. Continued up move towards 75.50 is expected in the coming sessions • The dollar-rupee July contract on the NSE was at Rs 75.02 in the last session. The open interest fell almost 1% for the July series while August series OI increased by almost 60%

Intra-day strategy 

US$ INR July futures contract (NSE)View: Bullish on US$ INR
Buy US$ INR in the range of 74.88-74.91Market Lot: US$ 1000
Target: 75.20/ 75.30Stop Loss: 74.72
 Support: 74.70/74.50Resistance: 75.20/75.30

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