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Last Updated : May 21, 2020 10:07 AM IST | Source:

Buy USDINR; target of 75.90 - 76.00: ICICI Direct

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

Spot Currency

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.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 75.60-75.70Market Lot: US$1000
Target: 75.90/ 76.00Stop Loss: 75.50
Support: 75.40/75.50Resistance: 76.00/76.20
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on May 21, 2020 10:07 am
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