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Sell USDINR; target of: 73.30 – 73.10: ICICI Direct

Sell USDINR; target of: 73.30 – 73.10: ICICI Direct
May 18
15:08 2021

ICICI Direct, In the past two sessions, the rupee has remained almost flat as no major triggers were observed overseas.

May 18, 2021 / 12:02 PM IST

ICICI Direct’s currency report on USDINR

Spot Currency

In the past two sessions, the rupee has remained almost flat as no major triggers were observed overseas. However, on the back of strong domestic equities, we feel it is likely to appreciate towards 73 levels • On the back of the Fed’s dovish comments, the dollar gave up its early gains and settled with moderate losses. It is trading near its support of 90 levels. Only a close below this level would open up more downsides.

Currency futures on NSE

Weakness in the dollar index along with Call writing positions in OTM strikes are indicating that the rupee should appreciate towards 73 levels • The dollar-rupee May contract on the NSE was at Rs 73.44 in the last session. The open interest fell almost 1.5% for the May series.

Intra-day strategy 

US$ INR January futures contract (NSE)View: Bearish on US$ INR
Sell US$ INR in the range of 73.43-73.47Market Lot: US$ 1000
Target: 73.30/ 73.10Stop Loss: 73.58
Support: 73.15/73.00Resistance: 73.50/73.60

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