ICICI Direct, The rupee depreciated by 17 paisa and ended near 72.61 levels as crude oil prices remained elevated. Positive domestic equities helped the rupee to maintain its positive stance•
June 01, 2021 / 09:22 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee depreciated by 17 paisa and ended near 72.61 levels as crude oil prices remained elevated. However, we feel downsides are limited against the dollar • The Dollar index again slipped below 90 levels as US stock index future moved higher. Also, there was strength in the Chinese yuan, which climbed to a three-year high against the dollar.
Currency futures on NSE
For a couple of sessions, we saw a marginal bounce in the US$ INR pair. However, on the back of positive equities and weakness in the Dollar index, we feel a move towards 72.5 is expected • The dollar-rupee June contract on the NSE was at Rs 72.90 in the last session. The open interest fell almost 1.9% for the June series.
Intra-day strategy
| US$ INR June futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 72.90-72.94 | Market Lot: US$ 1000 |
| Target: 72.80/ 72.70 | Stop Loss: 73.03 |
| Support: 72.70/72.50 | Resistance: 73.00/73.10 |
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