ICICI Direct, The rupee remained almost flat for the day after movement was seen on both sides.
March 22, 2021 / 09:42 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee remained almost flat for the day after movement was seen on both sides. The rupee managed to appreciate almost 3 paise against the US dollar and ended near 72.51 levels • The dollar index on Friday posted modest gains on higher-note yields. EUR/US$ fell back slightly on concern about the third wave of Covid infections spreading through Europe.
Currency futures on NSE
The US$ INR pair continue to appreciate as the dollar index remained below 92. However, a rise in US yields would push the Dollar index above 92, which would move the US$ INR pair higher. However, a rise should be used to create fresh shorts • The dollar-rupee March contract on the NSE was at Rs 72.58 in the last session. The open interest fell by almost 0.32% 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 72.72-72.75 | Market Lot: US$ 1000 |
| Target: 72.60/ 72.50 | Stop Loss: 72.85 |
| Support: 72.50/72.40 | Resistance: 73.20/73.40 |
Disclaimer:
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