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Indian Rupee depreciated marginally – Sell at target of 73.25-73.10

ICIC’s direct currency report on USDINR has recently reported a marginal loss in the Indian currency. Though it depreciated but also closed at a high level once again.

On the spot currency, the Rupee closed above 73 points concerning over fiscal lapse. The Euro also encountered with a biggest decline in the last two weeks.

As per the current trend, again the records are indicating towards selling USDINR.

Sell USDINR at a target of 73.25-73.10 at a stoploss of 73.51 today as per the experts.

Coming towards international level, Germany also reported a high drop in the retail sales by the end of the last fiscal year.

A lot of concerns are boiling up on the availability of the Covid vaccine on international level. India, however lost a little on currency, but it is very minimal to the other things happening internationally.

Coming towards the currency futures on NSE indice, the USDINR depreciated by around 30 paisa from the downside.

A higher borrowing amid dollar strengthening pulled the level towards 73.30 levels. Experts expect an immediate hurdle of 73.50 levels for the pair.

Adding more, the dollar rupee February contract settled over Rs 73.31 lastly. The open interest rates for the February series also declined at a marginal rate by 4 percent.

Further selling is indicated on a combined analysis as per the data charts.

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