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Buy USDINR; target of: 74.45 – 74.60: ICICI Direct

Buy USDINR; target of: 74.45 – 74.60: ICICI Direct
May 03
19:08 2021

ICICI Direct,The rupee ended marginally lower as it snapped its four-day winning streak.

May 03, 2021 / 10:02 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee ended marginally lower as it snapped its four-day winning streak. Against the US dollar it fell 2 paise and ended near 74.06 levels • A sharp surge was seen in the Dollar index last Friday, which was supported by better than estimate economic data and forecast that US would do better than its peers.

Currency futures on NSE

US$ INR is consolidating above its support levels of 74.25. Looking at a sharp rally in the Dollar index, we feel the US$ INR pair should move to 74.6 levels • The dollar-rupee April contract on the NSE was at Rs 74.39 in the last session. The open interest rose 4.2% for the May series.

Intra-day strategy 

US$ INR May futures contract (NSE)View: Bullish on US$ INR
Buy US$ INR in the range of 74.27-74.30Market Lot: US$ 1000
Target: 74.45/ 74.60Stop Loss: 74.15
 Support: 74.00/74.20Resistance: 74.80/75.00

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