ICICI Direct, A sharp sell-off was seen in most currencies as US bonds moved sharply.
March 01, 2021 / 08:50 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
A sharp sell-off was seen in most currencies as US bonds moved sharply. The rupee depreciated almost 1% after moving to a one-year high and closed at 73.46 levels • The dollar index on Friday rallied to a one-week high. Weakness in EUR/US$ and strength in US$ /JPY on Friday gave the dollar a boost. The dollar also extended its gains on better-than-expected US economic data.
Currency futures on NSE
The US$ INR March futures closed at 74.19 levels as a sharp up move was seen on the back of rising US yield and huge sell-off in domestic equities. We feel the rupee is likely to consolidate near 74 levels • The dollar-rupee March contract on the NSE was at | 74.19 in the last session. The open interest increased almost 1.99% in the March series.
Intra-day strategy
US$ INR Mar futures contract (NSE) | View: Bullish on US$ INR |
Buy US$ INR in the range of 73.85-73.87 | Market Lot: US$ 1000 |
Target: 74.10/ 74.20 | Stop Loss: 73.75 |
Support: 73.30/73.50 | Resistance: 74.50/74.90 |
Disclaimer: