ICICI Direct, The rupee weakness continued, ending around 75 level against the dollar for the first time in eight months.
April 16, 2021 / 08:45 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee weakness continued, ending around 75 level against the dollar for the first time in eight months. The depreciation was seen despite a recovery in domestic equities and weakness in the dollar • The US dollar sank to a four-week low against other currencies on Thursday as yields pulled back from last month’s surge, with investors increasingly convinced the Fed will keep interest rates low.
Currency futures on NSE
Fears that a surge in domestic Covid-19 cases and lockdown announced in some states could hamper economic recovery and trigger foreign fund outflows could dent the money market in the coming days • The dollar-rupee April contract on the NSE was at Rs 75.20 in the last session. The open interest remain unchanged 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 74.90-74.95 | Market Lot: US$ 1000 |
| Target: 75.35/ 75.50 | Stop Loss: 74.70 |
| Support: 74.90/74.70 | Resistance: 75.35/75.50 |
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