Buy USDINR; target of 73.70 - 73.75: ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures remained flat on Tuesday as the dollar index rose further against a basket of major currencies along with selling pressure in domestic equities that also supported the pair • The dollar index gained on Tuesday as investors sought safety for a second day in a row while they eyed new restrictions aimed at curbing surging Coronavirus cases in Europe, the latest US-China tensions and Washington’s lack of progress on reaching a fiscal stimulus agreement.

Currency futures on NSE

US Federal Reserve Chair Jerome Powell said the Fed remained committed to using all the tools at its disposal to help the US economy recover from the Coronavirus pandemic • The dollar-rupee September contract on the NSE was at 73.50 in the last session. The open interest in the September series declined 3.01% while it increased 6.87% in the next series.

Intra-day strategy 

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