ICICI Direct, The rupee depreciated marginally and ended at 72.83 levels as firmness in the dollar kept the pair under pressure.
March 08, 2021 / 09:23 AM IST
Representative image
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee depreciated marginally and ended at 72.83 levels as firmness in the dollar kept the pair under pressure. However, outperformance was seen with rest of the pairs and rupee appreciated against Euro and GBP • The dollar remains firm while the dollar index moved closer to 92.00 levels. The recent weakness in the dollar came in tandem with the strong bounce in yields, which are trading near 52-weeks high.
Currency futures on NSE
The rupee remained above 73 levels as the Dollar index moved towards 92 levels. We expect further upsides to be seen in the US$ INR pair. It is likely to move towards 73.80 levels in coming days • The dollar-rupee March contract on the NSE was at Rs 73.31 in the last session. The open interest increased marginally by 3.7% for the March series.
Intra-day strategy
| US$ INR Mar futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 73.16-73.20 | Market Lot: US$ 1000 |
| Target: 73.50/ 73.70 | Stop Loss: 72.98 |
| Support | Resistance |
| Support: 72.95/72.80 | Resistance: 73.50/73.90 |
Disclaimer:
Read More
