ICICI Direct, The rupee remained almost flat after initial volatility ahead of the Fed outcome.
March 18, 2021 / 09:06 AM IST
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ICICI Direct’s currency report on USDINR
Spot Currency
The rupee remained almost flat after initial volatility ahead of the Fed outcome. The rupee depreciated almost 18 paise to close near 72.74 levels • The US dollar slide as the Fed dampened early US rate hike view, which was contrary to market expectations. The dollar index continued to trade below 92 levels and ended near 91.5.
Currency futures on NSE
The US$ INR pair remained almost flat for the day after initial volatility. As the dollar index is sustaining below 92 levels, we feel the rupee is likely to appreciate towards 72.3 levels in coming days • The dollar-rupee March contract on the NSE was at Rs 72.67 in the last session. The open interest fell almost 4.3% 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 72.79-72.81 | Market Lot: US$ 1000 |
| Target: 72.70/ 72.60 | Stop Loss: 72.92 |
| Support: 72.70/72.50 | Resistance: 73.20/73.40 |
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