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Sell USDINR; target of 75.75 - 75.65: ICICI Direct

ICICI Direct 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.

June 02, 2020 / 10:14 AM IST

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 75.90-76.00Market Lot: US$1000
Target: 75.75/ 75.65Stop Loss: 76.10
SupportResistance
Support: 75.6/75.80Resistance: 76.30/76.40
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first published: Jun 2, 2020 10:05 am

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