Buy USDINR; target of 75.80 - 76.00: ICICI Direct
The rupee managed to further appreciate by 7 paise and ended near 75.51 levels on the back of positive equities. However, rising concern on the number of Covid-19 cases would keep the rupee move in check
• The Dollar index again closed above 97.50 levels and is expected to move towards 98 levels in coming sessions. Investors keep gauging the rising Covid-19 cases vs. economic performance. However, traders will be waiting Chief J Powell’s testimony on Coronavirus Aid, Relief and Economic Security Act’ before the Committee on Financial Services.
The rupee is finding support and has appreciated in the past few sessions. However, the Dollar index has managed to move above its intermediate hurdle of 97.5. We feel this will keep EM currencies move in check including rupee
• The dollar-rupee contract on the NSE was at 75.79 in the last session. The open interest fell almost 4.4% in the last session.
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