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

ICICI Direct, The rupee extended gains for a fifth day as it gained 15 paise in the previous session to close at 74.44 against the dollar. Positive domestic equities helped the rupee to maintain its positive stance•

May 31, 2021 / 09:41 AM IST
The total disbursement by all lenders during FY21 was Rs two lakh crore whereas, down 21 percent from Rs 2.55 lakh crore during FY20.

The total disbursement by all lenders during FY21 was Rs two lakh crore whereas, down 21 percent from Rs 2.55 lakh crore during FY20.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee extended gains for a fifth day as it gained 15 paise in the previous session to close at 74.44 against the dollar. Positive domestic equities helped the rupee to maintain its positive stance • Following multi month low, the Dollar index rebound to 90.40 levels on last session on the back of key inflation data.

Currency futures on NSE

The positive sentiment in the domestic currency is influenced by a rally in domestic markets. However, the Dollar index has rebounded from its support levels. Similarly, US$INR is at a crucial support. We expect the pair to move towards its Call base of 73 levels • The dollar-rupee June contract on the NSE was at Rs 72.81 in the last session. The open interest rose almost 25% 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 72.78-72.82Market Lot: US$1000
Target: 73.00/ 73.10Stop Loss: 72.68
Support: 72.70/72.50Resistance: 73.00/73.10

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first published: May 31, 2021 09:41 am
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