Sell USDINR; Target Of 73.80 - 73.60 : ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

The rupee depreciated again on Monday and lost almost 10 paisa against the dollar despite continued flows in equities. The dollar index also strengthened marginally from the lows of 90.40 in the last session • GBP/US$ is witnessing pressure near 1.35 levels and declined towards 1.32 in the last session while Euro is still trading near 1.20 vs. the dollar.

Currency futures on NSE

US$INR December futures depreciated and again moved above 74 levels despite continued inflows in equities. We still believe higher levels of 74.20 should stay immediate resistance and can be utilised for shorting the pair • The dollar-rupee December contract on the NSE was at 74.05 in the last session. The open interest remained almost unchanged for the December series contract.

Intra-day strategy 

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