ICICI Direct, The rupee continued its appreciation and closed at 72.68 gaining almost 7 paisa in the last session.
February 16, 2021 / 09:25 AM IST
Image: Reuters
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continued its appreciation and closed at 72.68 gaining almost 7 paisa in the last session. Weakness in the Dollar index and renewed strength in equities is helping the rupee to remain resilient • GBP was the outperforming currency on Monday amid ongoing vaccine and UK economic reopening optimism. GBPUS$ pair has climbed above the 1.3900 level to set fresh multi-year highs.
Currency futures on NSE
The US$ INR future continued to witness declines as the dollar has moved closer to two weeks low. The appreciation trend for the rupee is likely to continue towards 72.50 from where some bounce can be expected • The dollar-rupee February contract on the NSE was at Rs 72.71 in the last session. The open interest declined almost 5% in the February series.
Intra-day strategy
| US$ INR Feb futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 72.78-72.82 | Market Lot: US$ 1000 |
| Target: 72.65/ 72.55 | Stop Loss: 72.92 |
| Support: 72.65/72.55 | Resistance: 72.92/73.05 |
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