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