ICICI Direct, The rupee fell further and made a new one year low as it violated 75 levels.
April 15, 2021 / 09:36 AM IST
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ICICI Direct’s currency report on USDINR
Spot Currency
The rupee fell further and made a new one year low as it violated 75 levels. Pandemic induced lockdown and shortage of vaccine add more pressure along with the excess liquidity likely to float in the system due to GSAP • The dollar index moved to a three-week low on dovish Fed comments and recovery in US equites.
Currency futures on NSE
Depreciation in the rupee continued but writing positions are stuck in 75 strike Call, which is likely to get triggered while a further move towards 75.60 is expected. However, post the GSAP buying, rupee should cool-off • The dollar-rupee April contract on the NSE was at | 75.22 in the last session. The open interest fell 9.8% 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 75.15-75.17 | Market Lot: US$ 1000 |
| Target: 75.40/ 75.60 | Stop Loss: 74.98 |
| Support: 74.90/75.00 | Resistance: 75.55/75.85 |
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