ICICI Direct, The rupee appreciated by 19 paise to end near a two month high of 72.77 against the dollar on the back of weakness in the US dollar.
May 27, 2021 / 08:52 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee appreciated by 19 paise to end near a two month high of 72.77 against the dollar on the back of weakness in the US dollar. The Dollar index has moved moderately higher as it managed to sustain above 90 levels. Gains were supported by weakness in the EURUS$ .
Currency futures on NSE
The rupee remained near the Put base of 73 as the Dollar index is hovering near support of 89-90 levels. We expect upsides to be seen in the US$ INR pair. Looking at options data, the May expiry is likely to be 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 72.76-72.80 | Market Lot: US$ 1000 |
| Target: 73.00/ 73.10 | Stop Loss: 72.65 |
| Support: 72.70/72.50 | Resistance: 73.00/73.20 |
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