ICICI Direct, The rupee appreciated marginally and moved further around 74 levels.
May 04, 2021 / 08:58 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee appreciated marginally and moved further around 74 levels. The current levels of the rupee are the highest seen in almost a month • A recovery was seen in the Dollar index from lower levels, which was supported by better than estimated economic data and forecast that the US would do better than its peers.
Currency futures on NSE
The US$ INR has remained around its highest Put base of 74 strike. However, the Dollar Index reverted from 90.5 levels once again. This suggests the Put base at 74 strike is likely to remain a major level for the rupee in the near term • The dollar-rupee April contract on the NSE was at Rs 74.33 in the last session. The open interest rose 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 74.13-74.17 | Market Lot: US$ 1000 |
| Target: 74.50/ 74.60 | Stop Loss: 74.00 |
| Support: 74.00/74.10 | Resistance: 74.60/75.00 |
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