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 74.75-74.80 | Market Lot: US$ 1000 |
| Target: 75.15/ 75.25 | Stop Loss: 74.60 |
| Support: 74.60/74.50 | Resistance: 75.15/75.25 |
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