Sell USDINR; target of 74.05 - 73.90: ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated around 10 paisa in the last session as significant inflows continued in domestic equities • The Dollar index is moving towards 92 levels while dollar weakness is prompting gains among emerging market currencies. Foreign inflows were significantly higher among EMs while India saw inflows of more than $6 billion into equities in November itself.

Currency futures on NSE

US$INR has moved closer to its highest Put base of 74 strike and considering continued weakness in Dollar index along with FII inflows, it may breach these levels as well. In such a scenario, the rupee may move towards 73.50 in the short-term • The dollar-rupee November contract on the NSE was at 74.18 in the last session. The open interest fell almost 1% for the November series contract.

Intra-day strategy 

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