ICICI Direct, The rupee closed marginally lower as it snapped its two-day winning streak due to recovery in oil prices.
May 25, 2021 / 09:49 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee closed marginally lower as it snapped its two-day winning streak due to recovery in oil prices. It depreciated 13 paise and ended near 72.96 levels • The US dollar is easing lower against its major currency as worries diminish over runaway inflation and the Federal Reserve tightening the policy sooner.
Currency futures on NSE
The rupee depreciated on Monday. On the options front, 73 and 73.25 strike has noteworthy OI in Call and Put strike that suggests it may consolidate at current levels and May month expiry should happen above 73 levels • The dollar-rupee May contract on the NSE was at Rs 72.96 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 72.90-72.95 | Market Lot: US$ 1000 |
| Target: 73.20/ 73.30 | Stop Loss: 72.77 |
| Support: 72.80/72.70 | Resistance: 73.30/73.50 |
Disclaimer:
Read More
