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Buy USDINR; target of: 75.15 – 75.25: ICICI Direct

Buy USDINR; target of: 75.15 – 75.25: ICICI Direct
April 12
09:08 2021

ICICI Direct, The rupee fell to an eight-month low against the US dollar on Friday, on the back of the Reserve Bank of India’s substantial bond buying programme amid inflationary worries

April 12, 2021 / 08:48 AM IST

ICICI Direct’s currency report on 

Spot Currency

The rupee fell to an eight-month low against the US dollar on Friday, on the back of the Reserve Bank of India’s substantial bond buying programme amid inflationary worries • On Friday, solid US inflation data and an uptick in Treasury yields indicated the economy is reviving from the pandemic-related recession.

Currency futures on NSE

The dollar edged higher against a basket of currencies as inflation data lifted bond yields. Over the past five sessions, the rupee has depreciated around 150 paise against the dollar. Going forward, the US$ INR has strong hurdle near 75.20 levels on downsides • The dollar-rupee April contract on the NSE was at Rs 74.82 in the last session. The open interest increased 2% for the April series.

Intra-day strategy 

US$ INR Apr futures contract (NSE)View: Bullish on US$ INR
Buy US$ INR in the range of 74.75-74.80Market Lot: US$ 1000
Target: 75.15/ 75.25Stop Loss: 74.60
Support: 74.60/74.50Resistance: 75.15/75.25

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