Sell USDINR; target of 73.95 - 73.85 : ICICI Direct

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ICICI Direct's currency report on USDINR

Spot Currency

The rupee depreciated marginally in the last session and depreciated by 10 paisa despite continued weakening of the dollar index, which has moved below 91 levels • The Euro and GBP continued their positive momentum and moved to multi-month highs near 1.21 and 1.34, respectively, against the US dollar amid ongoing Brexit talks.

Currency futures on NSE

US$INR December remained significantly range bound in the last session as FII flows halted in Indian equities. We believe higher levels of 74.20 should remain immediate resistance and can be utilised for shorting the pair • The dollar-rupee December contract on the NSE was at 74.10 in the last session. The open interest rose 10% for the December series contract.

Intra-day strategy 

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