Buy USDINR; target of: 73.25 - 73.35: ICICI Direct

[NiveRoshni]

Buy USDINR; target of: 73.25 - 73.35: ICICI Direct



ICICI Direct, The trading range continued to reduce in the rupee as it ended almost flat yesterday whereas intraday move was only 9 paise.

ICICI Direct's currency report on USDINR

Spot Currency

The trading range continued to reduce in the rupee as it ended almost flat yesterday whereas intraday move was only 9 paise. However, strong dollar would keep the rupee move in check • As expectation rose that the US has advantage in growing over other majors, the dollar index rose and weakness was seen in Euro. EURUS$ is hovering near 1.206 levels. A close below 1.20 would open the gates for lower targets.

Currency futures on NSE

US$INR pair continued to hover around $73 post Budget as well. A pullback could be possible due to major Put writing in 73 strike and weakness in Euro due to which Dollar index remained elevated • The dollar-rupee February contract on the NSE was at Rs 73.13 in the last session. The open interest fell 4.0% for February series.

Source : https://www.moneycontrol.com/news/business/stocks/buy-usdinr-target-of-73-25-73-35-icici-direct-4-6445551.html