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ICICI Direct’s Buy call and USDINR Report, Target set at 73.30

The ICICI Direct’s currency report on USDINR reported a strong come back of the Indian Rupee against the US Dollar.

In the last session on Thursday, rupee could not hold its increased value and depreciated badly with the closing bells.

However, as per the data charts, Rupee pulled off its socks and is again resuming its strength. The currency has closed near 4 months high in the previous session. It has increased at a rate of 5 paise against the Dollar.

There is a continued inflow in the domestic market equities, more and more purchasing or buying is seen in the domestic market. It is a very good and positive sign as per the Rupee-Dollar contract.

With the continued buying of domestic equities, Rupee has even closed below 73 levels.

Apart from this, also the GBPUSD or the British Pound/U.S. Dollar pair also climbed up to 1.3746.

It is the highest level that the GBPUSD pair has touched since so far. In the last session, the pair was at its highest in FY2018.

The currency futures on NSE are also performing at a good level as the pair is still holding above its paramount Put Base of 73. This Put base is ahead of the next week’s settlement.

Earlier in January the Dollar-Rupee contract was Rs 73.03 in the previous session. The current series is witnessing an increased open interest rate of 0.7 percent.

The whole situation is bullish on USDINR contract, where USDINR can be purchased in the range of 73.08-73.12 on Intraday.

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