ICICI Direct, The rupee appreciated as the dollar index started weakening once again.
April 19, 2021 / 09:04 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee appreciated as the dollar index started weakening once again. The rupee closed near 74.35 levels, appreciating almost 57 paisa in spot • The dollar slipped to a four-week low against a basket of currencies on Friday, as investors increasingly bought into the Federal Reserve’s insistence it would keep an accommodative policy stance for a while longer.
Currency futures on NSE
Due to weakness in the Dollar index, the rupee started strengthening once again from the hurdle of 75.5. However, fears that a surge in domestic Covid-19 cases and lockdown in some states could hamper economic recovery could dent the money market • The dollar-rupee April contract on the NSE was at Rs 74.55 in the last session. The open interest increased 6% 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 74.55-74.60 | Market Lot: US$ 1000 |
| Target: 75.00/ 75.20 | Stop Loss: 74.37 |
| Support: 74.40/74.20 | Resistance: 75.00/75.35 |
Disclaimer:
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