ICICI Direct, The rupee gained 5 paise in the previous session against the US dollar and ended at a new weekly high.
February 11, 2021 / 09:31 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee gained 5 paise in the previous session against the US dollar and ended at a new weekly high. Positive FII inflows and weakness in the Dollar index were the major reason • The Dollar index remained depressed ahead of the CPI data and Fed Chair Jerome Powell’s speech. It made a fresh low near 90.3 levels. Improvement in risk appetite weighted on the dollar.
Currency futures on NSE
The US$ INR future finally slipped below Rs 73 levels on closing basis, which will keep the rupee pair depressed. We feel upsides could be limited due to sharp sell-off in the Dollar index and rise in Euro and GBP • The dollar-rupee February contract on the NSE was at Rs 72.93 in the last session. The open interest increased by 0.5% for the February series.
Intra-day strategy
| US$ INR Feb futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 73.10-73.12 | Market Lot: US$ 1000 |
| Target: 73.00/ 72.90 | Stop Loss: 73.22 |
| Support: 72.95/72.85 | Resistance: 73.20/73.30 |
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