ICICI Direct, The rupee continued its appreciation trend against the dollar and moved towards 73.50 levels.
May 10, 2021 / 08:28 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continued its appreciation trend against the dollar and moved towards 73.50 levels. However, it has remained almost unchanged against the rest of the currency pairs • The index retreated for a third session in a row and saw its downtrend accelerate to the area of three-month lows around 90.40 after US nonfarm payrolls greatly disappointed market expectations.
Currency futures on NSE
Ongoing weakness in the Dollar index helped the US$ INR pair to move towards 73.50 levels while the rupee remained largely unchanged against other currency pairs. The closure among Put writers and buoyant equities may trigger further appreciation from here onwards • The dollar-rupee April contract on the NSE was at Rs 73.67 in the last session. The open interest declined almost 3% for the May series during the last trade.
Intra-day strategy
| US$ INR May futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 73.68-73.70 | Market Lot: US$ 1000 |
| Target: 73.50/ 73.35 | Stop Loss: 73.85 |
| Support: 73.50/73.30 | Resistance: 73.85/74.00 |
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