Sell USDINR; target of 73.85 - 73.80: ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures fell slightly on Wednesday as domestic equities recovered slightly. However, a rebound in the US dollar index supported the pair • The dollar index ticked up on Wednesday, recovering some losses after a two-day fall, as traders weighed the implications of a bad-tempered first debate between President Donald Trump and challenger Joe Biden.

Currency futures on NSE

The dollar is expected to remain under pressure as uncertainty over the outcome of the US presidential election remains high after a chaotic encounter in which the candidates battled over the President’s leadership on the Coronavirus pandemic, the economy and taxes • The dollar-rupee October contract on the NSE was at 73.93 in the last session. The open interest in the October series increased 6.44% while it also increased 1.8% in the next series.

Intra-day strategy 

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