Buy US$INR March future around 73.50-73.70, Target: 75.00, Stop loss: 72.90
We expect the rupee to depreciate further from current levels as the greenback is likely to continue to benefit from safe haven flows if risk appetite continues to worsen and emerging market currencies are among the biggest losers. However, gains in the pair may be capped near 75.00 level as the US will announce further stimulus measures to revive its economy. US$INR futures have a major support around 73.00 level. As long as it sustains above this level, we expect the depreciation in the rupee to accelerate towards immediate hurdle placed around 75.00 level in the coming weeks.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_MonthlyCurrencyDerivatives.pdf