ICICI Direct, The rupee dropped to a two-week low ahead of the RBI meet.
June 03, 2021 / 09:28 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee dropped to a two-week low ahead of the RBI meet. Indian exports jump 12.4% for April-May 2021. Crude oil prices continued to remain at elevated levels • After dropping below 90 levels, the dollar rebounded on Tuesday as US yields support 1.6% levels. MBA Mortgage Applications, IBD/TIPP Index, API is next on tap.
Currency futures on NSE
The rupee saw a sharp reversal from the support. As the Dollar index is witnessing support near 90 levels and crude oil prices are rising sharply, we feel the rupee would move towards 73.5 levels • The dollar-rupee June contract on the NSE was at Rs 73.39 in the last session. The open interest declined marginally in the June series.
Intra-day strategy
| US$ INR June futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 73.20-73.25 | Market Lot: US$ 1000 |
| Target: 73.35/ 73.45 | Stop Loss: 73.1 |
| Support: 72.90/73.10 | Resistance: 73.40/73.70 |
Disclaimer:
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