ICICI Direct, For a second day in a row, rupee depreciation continued as it slid 29 paise to end at 72.90 levels.
June 02, 2021 / 10:04 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
For a second day in a row, rupee depreciation continued as it slid 29 paise to end at 72.90 levels. A sharp rise in crude oil prices and no major price fall in Dollar index may be a trigger for this weakness • The Dollar index traded almost flat for the day near 89.90 levels. EURUS$ remained intact on better-than-expected eurozone economic data.
Currency futures on NSE
US$ INR pair managed to witness bounce from its support and moved above 73 levels. Due to aggressive OI addition in ATM Straddle of 73 we feel the rupee should trade in a range with support now pegged at 72.90 levels • The dollar-rupee June contract on the NSE was at Rs 73.17 in the last session. The open interest remained almost flat 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 73.02-73.05 | Market Lot: US$ 1000 |
| Target: 73.20/ 73.30 | Stop Loss: 72.90 |
| Support: 72.70/72.90 | Resistance: 73.20/73.30 |
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