ICICI Direct, The rupee continued its appreciation trend against the dollar and moved towards 73.50 levels.
May 11, 2021 / 10:06 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continued its appreciation trend against the dollar, appreciating further. It managed to gain 16 paise against the dollar • The dollar continues to be undercut by last Friday’s much weaker-thanexpected US payroll report and moved to a new two and a half month low. Due to this, other currencies appreciated against the dollar including Chinese yuan.
Currency futures on NSE
For a fourth day in a row the rupee managed to appreciate against the US dollar. However, the Dollar index moved towards its support of 90 whereas US$ INR pair is near its support indicating possible bounce towards 74 levels • The dollar-rupee April contract on the NSE was at Rs 73.55 in the last session. The open interest declined almost 6.5% 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 73.55-73.60 | Market Lot: US$ 1000 |
| Target: 73.90/ 74.00 | Stop Loss: 73.45 |
| Support: 73.50/73.30 | Resistance: 73.85/74.00 |
Disclaimer:
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