ICICI Direct, The rupee strengthened for the fourth consecutive day and gained almost 30 paise despite weakening domestic equities and rising Covid cases.
March 16, 2021 / 10:52 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee strengthened for the fourth consecutive day and gained almost 30 paise despite weakening domestic equities and rising Covid cases. Sustainability below 72.50 levels might bring further strength to the currency pair. • The US dollar remained below 92 levels ahead of FOMC meeting. However, it remains positive and is likely to move beyond 92 levels in the coming sessions. Only a move below 91.50 should change the bias.
Currency futures on NSE
The US dollar remained below 92 levels ahead of FOMC meeting. However, it remains positive and is likely to move beyond 92 levels in the coming sessions. Only a move below 91.50 should change the bias • The dollar-rupee March contract on the NSE was at Rs 72.62 in the last session. The open interest fell by almost 1.4% for the March series.
Intra-day strategy
| US$ INR Mar futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 72.80-72.82 | Market Lot: US$ 1000 |
| Target: 72.70/ 72.60 | Stop Loss: 72.95 |
| Support: 72.70/72.50 | Resistance: 73.20/73.40 |
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