ICICI Direct's currency report on USDINR
Spot Currency
The rupee deprecated marginally in the last session and lost 6 paise. On account of new year, most major markets were closed in the last session, which resulted in a range bound move for the pair • Global markets have closed 2020 on a high note amid high volatility. The dollar index weakened more than 15% prompting major currencies to appreciate.
Currency futures on NSE
The US$INR pair remained largely range bound and closed near its two-month low on the back of broader weakness in the dollar and continuous inflow from FIIs. We feel the pair is likely to move towards 73 levels in coming days • The dollar-rupee January contract on the NSE was at Rs 73.29 in the last session. The open interest in the January series remained flat.
Intra-day strategy
| US$INR JAN futures contract (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 73.33-73.37 | Market Lot: US$1000 |
| Target: 73.15/ 73.10 | Stop Loss: 73.47 |
| Support: 73.10/73.00 | Resistance: 73.47/73.57 |