ICICI Direct, The Rupee further appreciated by 8 paise and ended near 72.35 levels as Dollar index remained below 92 levels.
March 17, 2021 / 08:52 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The Rupee further appreciated by 8 paise and ended near 72.35 levels as Dollar index remained below 92 levels. The US dollar gained from the bottom but largely remained below 92 levels ahead of the data. Retail Sales and Industrial Production would be looked at for further ques.
Currency futures on NSE
USDINR pair remained almost flat for the day after initial volatility. As Dollar index sustaining below 92 levels, we feel INR is likely to appreciate towards 72.3 levels in coming days. The dollar-rupee March contract on the NSE was at Rs 72.62 in the last session. The open interest rose by almost 0.6% 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 72.84-72.86 | Market Lot: US$ 1000 |
| Target: 72.70/ 72.60 | Stop Loss: 72.97 |
| Support: 72.70/72.50 | Resistance: 73.20/73.40 |
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