Buy USDINR; target of 67.25 - 67.45: ICICI Direct

ICICI Direct expects US dollar to find supports at lower levels. Utilise downsides in the dollar to go long on the US$INR pair. Buy March Futures with a target of 67.25 - 67.45.

October 30, 2023 / 15:42 IST

26 Aug, 2025 12:21

Volume

Todays L/H

ICICI Direct's report on currency

Debt market

Government bond yields rose in February, with the benchmark yield recording its biggest monthly gain in more than three years, as the Monetary Policy Committee’s surprise shift in stance to neutral amid concerns about sticky core inflation hurt appetite for domestic debt. The benchmark 6.97% 2026 bond yield fell to 6.87% from 6.88% in the previous trading day. Yield on the US 10-year rose to 2. 39% from 2.37% in the previous day.

The rupee ended with mild gains against the US$ as traders remained cautious ahead of GDP and fiscal deficit data. Domestic Q3 GDP was at 7% while annual is estimated at 7.1% beating lower estimates of 6.8%. Although the US dollar index ended almost unchanged, it has made overnight gains on US Fed official’s hawkish comments and US President’s speech. The Japanese Yen has come under profit booking as the US$JPY pair remains most immune to rate hike prospects among major pairs

US$/INR derivatives strategy

In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 66.93. The March contract open interest rose 0.66% from the previous day. April contract open interest rose 7.20% from the previous day. We expect the US dollar to find supports at lower levels. Utilise downsides in the dollar to go long on the US$INR pair.

Story continues below Advertisement

Remove Ad

Story continues below Advertisement

Remove Ad

Intra-day strategy

US$INR March futures contract (NSE)	View: Bullish on US$INR
Buy US$INR in the range of 66.85-66.95	Market Lot: US$1000
Target: 67.25 / 67.45	Stop Loss: 66.75
Support	Resistance
S1/ S2: 66.95 / 66.75	R1/R2:67.30 /67.50

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Check your Free Credit Score now

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Remove Ad

Watch

Remove Ad

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.