ICICI Direct, The range bound move around 73 levels continued for the US$ INR pair.
February 05, 2021 / 09:50 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The range bound move around 73 levels continued for the US$ INR pair. The dollar index has moved beyond its important resistance of 91.30 and may move towards 92.50 levels in the coming sessions • EURUS$ pair fell for the fourth straight session, due to the broad-based rally in the US dollar. The greenback continues to benefit from the relative strengthening of the US economic recovery, with the recent macro data pointing to further upside risks.
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 has kept Dollar index remained elevated • The dollar-rupee February contract on the NSE was at Rs 73.13 in the last session. The open interest increased by almost 7% for February series.
Intra-day strategy
| US$ INR Feb futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 73.08-73.12 | Market Lot: US$ 1000 |
| Target: 73.35/ 73.45 | Stop Loss: 72.97 |
| Support: 72.95/72.85 | Resistance: 73.30/73.50 |
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