ICICI Direct, The rupee deprecated by another 14 paise amid continued sell-off seen n domestic equities and strength seen in dollar index as risk on rally observed some cool-off.
March 25, 2021 / 08:51 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee deprecated by another 14 paise amid continued sell-off seen n domestic equities and strength seen in dollar index as risk on rally observed some cool-off. The U.S. Dollar hit fresh highs for 2020 on Wednesday as concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China helped it to move higher. The news is offsetting a dip in U.S. Treasury yields.
Currency futures on NSE
The U.S. Dollar hit fresh highs for 2020 on Wednesday as concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China helped it to move higher. The news is offsetting a dip in U.S. Treasury yields. • The dollar-rupee March contract on the NSE was at Rs 72.69 in the last session. The open interest declined by almost 7.3% for the March series while it increased by more than 12% in April series.
Intra-day strategy
| US$ INR Mar futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 72.63-72.67 | Market Lot: US$ 1000 |
| Target: 72.85/ 72.95 | Stop Loss: 72.50 |
| Support: 72.50/72.35 | Resistance: 72.90/73.00 |
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