ICICI Direct's currency report on USDINR
Spot Currency
The rupee appreciated marginally post the government plan of reopening the economy in a phased manner. Positive inflows from FIIs also provided a sentimental boost • The risk on sentiment continues to hurt the dollar at the start of the week. It slipped near 98 levels.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.74 in the last session. The open interest fell by almost 0.8% during the last session • The Dollar index fell towards its lowest levels since March 16 as US market rallied nearly 4% for the week. We feel EM currencies will witness a round of appreciation.
Intra-day strategy
US$INR May futures contract (NSE) | View: Bearish on US$INR |
Sell US$ in the range of 75.90-76.00 | Market Lot: US$1000 |
Target: 75.75/ 75.65 | Stop Loss: 76.10 |
Support | Resistance |
Support: 75.6/75.80 | Resistance: 76.30/76.40 |
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