ICICI Direct, After some intraday volatility and support at lower levels, the rupee ended almost flat.
February 17, 2021 / 09:27 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
After some intraday volatility and support at lower levels, the rupee ended almost flat. Sell-off in equities and elevated crude oil prices are likely to keep the rupee move in check • US Empire State index surprised on the upside in February while the Dollar index turned positive and moved towards 90.5 levels.
Currency futures on NSE
The US$ INR future witnessed marginal bounce whereas spot ended flat. Elevated crude oil prices and Dollar index above 90.5 helped pair to gain 11 paise. However, upsides seem limited • The dollar-rupee February contract on the NSE was at Rs 72.79 in the last session. The open interest declined almost 8% 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 72.90-72.92 | Market Lot: US$ 1000 |
| Target: 72.80/ 72.70 | Stop Loss: 73.05 |
| Support: 72.65/72.55 | Resistance: 72.92/73.05 |
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