ICICI Direct, The rupee continues to appreciate on the back of domestic equities higher for one more session. It ended at 72.59 levels•
May 28, 2021 / 09:32 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continues to appreciate on the back of domestic equities higher for one more session. It ended at 72.59 levels • The US dollar is crawling higher against a basket of currencies. The US economy grew at a robust annual rate of 6.4% in the first three months of this year.
Currency futures on NSE
The positive sentiment in the domestic currency is influenced by a rally in domestic markets. However, the Dollar index is hovering near support of 89-90 levels. We expect US$ INR pair to retrace towards 73 levels • The dollar-rupee June contract on the NSE was at Rs 72.89 in the last session. The open interest rose almost 7% for the June series.
Intra-day strategy
| US$ INR June futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 72.80-72.82 | Market Lot: US$ 1000 |
| Target: 73.00/ 73.10 | Stop Loss: 72.70 |
| Support: 72.75/72.50 | Resistance: 73.00/73.20 |
Disclaimer:
Read More