ICICI Direct, The rupee appreciated further and moved below 73 levels against the dollar on the back of a massive rally in equities.
May 24, 2021 / 09:38 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee appreciated further and moved below 73 levels against the dollar on the back of a massive rally in equities. It fell another 27 paise • The US dollar traded higher against a basket of currencies late on Friday after moving to its lowest level since January earlier in the session. It was boosted by encouraging US manufacturing data.
Currency futures on NSE
The positive sentiment in the domestic currency is influenced by a rally in domestic markets and falling oil prices. On the options front, 73 strike has noteworthy OI in Call and Put strike that suggests it may consolidate at current levels • The dollar-rupee May contract on the NSE was at Rs 72.86 in the last session. The open interest fell almost 6% for the May series.
Intra-day strategy
| US$ INR May futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 72.70-72.75 | Market Lot: US$ 1000 |
| Target: 73.00/ 73.15 | Stop Loss: 72.57 |
| Support: 72.70/72.50 | Resistance: 73.00/73.20 |
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