Buy USDINR; target of 67.45 - 67.65: ICICI Direct

ICICI Direct expects US dollar to gain support at lower levels. Utilise downsides in the dollar to go long on the USDINR pair. Buy February Futures with a target of 67.45 - 67.65.

October 30, 2023 / 13:56 IST

ICICI Direct's report on currency

Debt market

Government bonds ended lower for a third session, on caution ahead of the release of the minutes of the central Bank’s Monetary Policy Committee and the Federal Reserve’s latest policy meetings • The benchmark 6.97% 2026 bond yield rose to 6.94%from 6.90% in the previous trading day • Yield on the US 10-year fell to 2.41% from 2.43% in the previous day

Forex (US$/INR)

The rupee fell for the first time in three sessions against the dollar likely for crude oil importers, amid caution ahead of the release of the Federal Reserve’s latest meeting minutes • The US$ index posted minor gains against major currencies with dollar index off the highs of 101.70 levels post Fed FOMC minutes. Euro posted a recovery against US$ as March US interest rate hike probability fell slightly post the minutes, which failed to provide any cues for March meeting rate hike prospects

In the currency futures market, the most traded dollar-rupee March contract on the NSE ended at 67.23. The March contract open interest rose 29.35% from the previous day • April contract open interest rose 12.32% from the previous day • We expect the US dollar to gain support at lower levels. Utilise downsides in the dollar to go long on the US$INR pair

Intra-day strategy

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US$INR March futures contract (NSE)	View: Bullish on US$INR
Buy US$INR in the range of 67.05-67.15	Market Lot: US$1000
Target: 67.45 / 67.65	Stop Loss: 66.95
Support	Resistance
S1/ S2: 67.10 / 66.90	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.

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