ICICI Direct, The trading range continued to reduce in the rupee as it ended almost flat yesterday whereas intraday move was only 9 paise.
February 04, 2021 / 08:59 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The trading range continued to reduce in the rupee as it ended almost flat yesterday whereas intraday move was only 9 paise. However, strong dollar would keep the rupee move in check • As expectation rose that the US has advantage in growing over other majors, the dollar index rose and weakness was seen in Euro. EURUS$ is hovering near 1.206 levels. A close below 1.20 would open the gates for lower targets.
Currency futures on NSE
US$ INR pair continued to hover around $ 73 post Budget as well. A pullback could be possible due to major Put writing in 73 strike and weakness in Euro due to which Dollar index remained elevated • The dollar-rupee February contract on the NSE was at Rs 73.13 in the last session. The open interest fell 4.0% for February series.
Intra-day strategy
| US$ INR Feb futures contract (NSE) | View: Bearish on US$ INR |
| Buy US$ INR in the range of 73.11-73.14 | Market Lot: US$ 1000 |
| Target: 73.25/ 73.35 | Stop Loss: 73.00 |
| Support: 73.00/73.10 | Resistance: 73.50/73.60 |
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