Buy USDINR above 53.64, target at 53.92: ICICIdirect.com

ICICIdirect.com has come out with its report on currency. According to the research firm, one can buy USDINR for intraday above 53.64 with a stoploss at 53.55 for a target of 53.82-53.92.

The Indian rupee weakened on Tuesday as dollar demand from oil firms and gold importers looking to meet month-end import commitments weighed, while losses in the domestic shares added to the downward pressure The INR ended at 53.74/75 dollar, down from the previous day's close of 53.47/48 The dollar index against six major currencies was at 79.96, up by 0.1% from the previous day's close. Derivatives strategy: Buy October contract

In the currency futures market, the most traded dollar-rupee contract on the NSE closed at 53.80. The October contract open interest was up 11.6% from the previous day. The November contract open interest was up 6.6% from the previous day. We expect the US dollar to attract buying support on declines against the INR. Utilise the lows in the US$/INR October contract to buy.

Intraday Strategy:

Buy USDINR above 53.64, stoploss- 53.55, target-53.82-53.92, and support-53.62-53.44.

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