ICICI Direct, After two days of consolidation, the rupee appreciated almost 20 paise to close at 73.04 levels.
May 19, 2021 / 09:23 AM IST
ICICI Direct’s currency report on USDINR
After two days of consolidation, the rupee appreciated almost 20 paise to close at 73.04 levels. Positive domestic equities and a fall in crude prices can be a major reason for the appreciation. The dollar on Tuesday opened lower on negative carry-over from Monday when Fed Vice Chair Clarida and Atlanta Fed President Bostic signalled the Fed intends to keep monetary policy accommodative for some time to come.
Currency futures on NSE
Call writers continued to dominate due to which the rupee managed to move towards 73 levels. We feel the overall setup for the rupee remains positive and US$ INR future is likely to move towards 73 levels The dollar-rupee May contract on the NSE was at Rs 73.18 in the last session. The open interest rose almost 2.2% for the May series.
|US$ INR May futures contract (NSE)||View: Bearish on US$ INR|
|Sell US$ INR in the range of 73.25-73.28||Market Lot: US$ 1000|
|Target: 73.10/ 73.00||Stop Loss: 73.40|
|Support: 73.15/73.00||Resistance: 73.40/73.60|