ICICI Direct, The rupee appreciated further and moved towards 73.75 levels against the dollar despite recent FII outflows from equities.
May 07, 2021 / 09:22 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee appreciated further and moved towards 73.75 levels against the dollar despite recent FII outflows from equities. In the last session, it fell by another 15 paise • The Dollar index moved back towards 91 levels as the upside momentum in the dollar appears to have run out of steam in the proximity of 91.50 on the back of lack of traction in US yields and following comments by Fed-speakers.
Currency futures on NSE
Despite weakness in the Dollar index, we believe the US$ INR pair is trading near its support levels and a round of upsides can be seen in coming sessions. The noteworthy Put base at 74 strike makes it an important level • The dollar-rupee April contract on the NSE was at Rs 73.96 in the last session. The open interest increased almost 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 73.97-74.00 | Market Lot: US$ 1000 |
| Target: 74.25/ 74.35 | Stop Loss: 73.80 |
| Support: 73.80/73.60 | Resistance: 74.30/74.50 |
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