ICICI Direct, The rupee remained largely flat against the dollar in the previous session and ended around 75 once again amid continued outflows from equities as rising numbers of Covid-19 cases threatened the expected economic recovery •
April 26, 2021 / 09:17 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee remained largely flat against the dollar in the previous session and ended around 75 once again amid continued outflows from equities as rising numbers of Covid-19 cases threatened the expected economic recovery • The dollar index lost momentum and extended the choppy activity seen in the past trading sessions while moving towards the lower end of the recent range, which is the important support of 91.
Currency futures on NSE
The US$ INR future remained above 75 levels on a closing basis, which will keep the rupee pair strong. We believe the rupee will depreciate towards 75.50 levels gradually in coming sessions • The dollar-rupee April contract on the NSE was at Rs 75.05 in the last session. The open interest fell 1% 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 74.83-74.87 | Market Lot: US$ 1000 |
| Target: 75.25/ 75.40 | Stop Loss: 74.65 |
| Support: 74.70/74.40 | Resistance: 75.30/75.50 |
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