ICICI Direct, After tumbling sharply, the rupee witnessed some bounce and managed to gain almost 8 paise.
March 02, 2021 / 09:06 AM IST
Representative image: Reuters
ICICI Direct’s currency report on USDINR
Spot Currency
After tumbling sharply, the rupee witnessed some bounce and managed to gain almost 8 paise. It ended near 73.54 levels against the US dollar • The dollar index continued its rally and moved towards 91 levels. US 10- year yields have navigated above the 1.40% level so far. If the Dollar index manages to sustain above 91 levels then further upsides may be seen.
Currency futures on NSE
The US$ INR March futures fell marginally on the back of profit booking as OI fell 10% along with the price. However, as the Dollar index is sustaining near 91 levels, we feel weakness could continue and the pair may head towards 74 levels • The dollar-rupee March contract on the NSE was at Rs 73.78 in the last session. The open interest fell almost 10.1% 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 73.70-73.72 | Market Lot: US$ 1000 |
| Target: 74.00/ 74.10 | Stop Loss: 73.58 |
| Support: 73.30/73.50 | Resistance: 74.50/74.90 |
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