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 74.27-74.30 | Market Lot: US$ 1000 |
| Target: 74.45/ 74.60 | Stop Loss: 74.15 |
| Support: 74.00/74.20 | Resistance: 74.80/75.00 |
Disclaimer:
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