ICICI Direct, The rupee opened positive and remain range bound throughout the day. It ended near 73.10 levels •
May 21, 2021 / 09:17 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee opened positive and remain range bound throughout the day. It ended near 73.10 levels • The dollar index has so far met strong support in the 89.70 zone while the Fed-led recovery seems to have met initial resistance in the band of – 90.0-90.5 for the time being.
Currency futures on NSE
The positive sentiment in the domestic currency is influenced by a rally in global markets and the dollar’s weakness against the major currencies, which should limit downsides. It could retrace towards 73.00 levels • The dollar-rupee May contract on the NSE was at Rs 73.17 in the last session. The open interest fell almost 2.8% 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 73.20-73.24 | Market Lot: US$ 1000 |
| Target: 73.05/ 73.00 | Stop Loss: 73.36 |
| Support: 73.00/72.80 | Resistance: 73.35/73.50 |
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