ICICI Direct, The rupee continued to appreciate and made a new one year high. It gained 4 paise on Tuesday to close at 72.46.
February 24, 2021 / 09:27 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continued to appreciate and made a new one year high. It gained 4 paise on Tuesday to close at 72.46 • For a second day in a row, the Dollar index continued to hover near 90 levels. Housing data, Fed Chair Powell’s testimony, consumer confidence would be watched closely, which may trigger some volatility.
Currency futures on NSE
The US$ INR appreciated whereas future fell 10 paise and ended marginally above 72.54 levels ahead of the expiry. We continue to believe that the rupee would appreciate and move towards 72.3 levels • The dollar-rupee February contract on the NSE was at Rs 72.54 in the last session. The open interest fell almost 10% 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 72.66-72.70 | Market Lot: US$ 1000 |
| Target: 72.50/ 72.40 | Stop Loss: 72.79 |
| Support: 72.50/72.40 | Resistance: 72.82/72.90 |
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