Buy USDINR; target of 69.50 - 69.60: ICICI Direct

ICICI Direct expects USDINR to find support at lower levels. Utilise downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee ended higher by 6 paise vs. the US$ yesterday tracking a mild recovery in domestic equities as well as consolidation in US$. However, it is expected to open sharply lower today tracking strong gains in the US$ • The US dollar ended with sharp gains with the dollar index rising to almost two and a half year highs. Although the Fed cut the rate by 25 bps as expected, it disappointed investors who were looking for the start of a rate cut cycle. The Fed chairman has kept the doors open for further policy moves, which makes incoming data very crucial. Most currencies are currently trading lower against US$.

Currency futures on NSE

The dollar-rupee August contract on the NSE was at 68.98 in the previous session. Open interest declined 9.84% in the previous session • We expect the US$INR to find support at lower levels. Utilise downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR August futures contract (NSE)	View: Bullish on US$INR
Buy US$ in the range of 69.18 -69.22	Market Lot: US$1000
Target: 69.50 / 69.60	Stop Loss: 69.03
Support	Resistance
S1/ S2: 69.18 / 69.00	R1/R2:69.40 / 69.60

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