ICICI Direct However, looking at the overall data, we feel the rupee will remain in a range for the week.
ICICI Direct's currency report on USDINR
The rupee continued to consolidate in a range for the week. Yesterday it depreciated by almost 14 paisa and ended at 75.79 as headwinds due to US-China trade tiff and worries over a second wave of Coronavirus infection weighed on sentiments • The Dollar index navigated in a tight range near 99.5 levels as Fed chair Jerome Powell reiterated the Fed was committed to keeping on supporting the economy.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.72 in the last session. The open interest fell by almost 1.28% during the last session • As trade wars fear further escalated, the rupee along with other EM currencies came under pressure. However, looking at the overall data, we feel the rupee will remain in a range for the week.
|US$INR May futures contract (NSE)||View: Bullish on US$INR|
|Buy US$ in the range of 75.60-75.70||Market Lot: US$1000|
|Target: 75.90/ 76.00||Stop Loss: 75.50|
|Support: 75.40/75.50||Resistance: 76.00/76.20|