ICICI Direct, The rupee ended almost flat despite ongoing weakness in equities and strength seen in the Dollar index.
March 19, 2021 / 09:05 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee ended almost flat despite ongoing weakness in equities and strength seen in the Dollar index. However, fund flows remain largely positive despite the weakness in equities due to some block deals • The US Dollar Index (DXY) reclaimed the positive ground around 91.60 following Wednesday’s strong pullback. The index resumed the up move following the Fed-led pullback to the 91.30 region and advanced to the 91.60 area in tandem with higher US yields.
Currency futures on NSE
The US$ INR pair is likely to see some weakness from 72.40 levels as the dollar index is likely to strengthen further from current levels. On the higher side, we expect the pair to find immediate hurdle around 72.90 levels • The dollar-rupee March contract on the NSE was at Rs 72.59 in the last session. The open interest remained almost unchanged 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 72.43-72.47 | Market Lot: US$ 1000 |
| Target: 72.65/ 72.80 | Stop Loss: 72.35 |
| Support: 72.35/72.15 | Resistance: 72.70/72.90 |
Disclaimer:
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