ICICI Direct, The rupee depreciated in the second half of the session and closed above 75 level once again.
April 22, 2021 / 09:36 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee depreciated in the second half of the session and closed above 75 level once again. There were fears that rising numbers of Covid-19 cases in India would delay an economic recovery • The dollar fell to a six week low of 91 on the back of expectations that the drive of vaccinations in Europe will be quicker than in the rest of the world in the coming weeks.
Currency futures on NSE
The rupee opened the week on a negative note amid resurgence of Covid-19 cases and state lockdowns. Domestic cases of Covid-19 remained elevated. This could hamper an economic recovery and dent the money market • The dollar-rupee April contract on the NSE was at Rs 75.14 in the last session. The open interest rose 4% 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 75.10-75.15 | Market Lot: US$ 1000 |
| Target: 75.45/ 75.70 | Stop Loss: 74.95 |
| Support: 75.00/74.40 | Resistance: 75.50/75.75 |
Disclaimer:
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