ICICI Direct, Overall trading range continued for the rupee, which has been consolidating below 74 levels for a couple of sessions.
May 06, 2021 / 10:08 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
Overall trading range continued for the rupee, which has been consolidating below 74 levels for a couple of sessions. Yesterday, it fell 6 paise and ended near 73.91 levels • The Dollar index moved to a two week high post US treasury secretary comments on fiscal spending. However, gains in the dollar were limited due to weaker-than-expected economic data.
Currency futures on NSE
As the Dollar index has managed to move to a two-week high, we feel the US$ INR pair should move towards 74.5 levels as it is near its sizeable Put base • The dollar-rupee April contract on the NSE was at Rs 74.20 in the last session. The open interest fell 4.3% 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 74.17-74.20 | Market Lot: US$ 1000 |
Target: 74.35/ 74.50 | Stop Loss: 74.00 |
Support: 74.00/74.20 | Resistance: 74.60/75.00 |
Disclaimer:
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