ICICI Direct, The rupee depreciated marginally and ended near 73.16 levels after depreciating almost 12 paise for the day.
May 20, 2021 / 09:41 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee depreciated marginally and ended near 73.16 levels after depreciating almost 12 paise for the day. The Dollar index recovered from its three month’s low and traded well above 90 levels again. Gains in the dollar accelerated after the release of the April 27-28 FOMC meeting minutes signalled some members would be open to the discussion of scaling back asset purchases.
Currency futures on NSE
As there was a sharp reversal in the Dollar index, the rupee depreciated from 73 levels. Declining crude oil prices and positive domestic equities should limit downsides and it could retrace towards 73.05 levels .The dollar-rupee May contract on the NSE was at Rs 73.26 in the last session. The open interest fell almost 2.7% for the May series.
Intra-day strategy
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 |
Disclaimer:
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