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Buy USDINR; target of: 73.00 - 73.10: ICICI Direct

ICICI Direct, The rupee continues to appreciate on the back of domestic equities higher for one more session. It ended at 72.59 levels•

May 28, 2021 / 09:32 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continues to appreciate on the back of domestic equities higher for one more session. It ended at 72.59 levels • The US dollar is crawling higher against a basket of currencies. The US economy grew at a robust annual rate of 6.4% in the first three months of this year.

Currency futures on NSE

The positive sentiment in the domestic currency is influenced by a rally in domestic markets. However, the Dollar index is hovering near support of 89-90 levels. We expect US$INR pair to retrace towards 73 levels • The dollar-rupee June contract on the NSE was at Rs 72.89 in the last session. The open interest rose almost 7% for the June series.

Close

Intra-day strategy 

US$INR June futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 72.80-72.82Market Lot: US$1000
Target: 73.00/ 73.10Stop Loss: 72.70
 Support: 72.75/72.50Resistance: 73.00/73.20

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first published: May 28, 2021 09:32 am
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