ICICI Direct, The rupee consolidated and remained near 73 levels despite a sharp rise in the Dollar index.
March 05, 2021 / 09:05 AM IST
Spot Currency
The rupee consolidated and remained near 73 levels despite a sharp rise in the Dollar index. We feel follow up action would take the rupee towards 73.5 levels • The dollar has gained along with US bond yields as impending US fiscal stimulus adds fuel to expectations of higher inflation and the rollout of vaccines indicates that the economy is headed for recovery.
Currency futures on NSE
The rupee consolidated above 73 levels as the Dollar index remained firm above 91. We feel upsides could be seen in the US$ INR pair. It is likely to move towards 73.5 levels in coming days • The dollar-rupee March contract on the NSE was at Rs 72.99 in the last session. The open interest remained unchanged in the March and April series.
Intra-day strategy
| US$ INR Mar futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 73.00-73.04 | Market Lot: US$ 1000 |
| Target: 73.20/ 73.40 | Stop Loss: 72.90 |
| Support: 72.70/72.90 | Resistance: 73.50/73.90 |
Disclaimer:
Read More
