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Buy USDINR; target of: 73.90 -74.00 : ICICI Direct

ICICI Direct, The rupee continued its appreciation trend against the dollar and moved towards 73.50 levels.

May 11, 2021 / 10:06 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee continued its appreciation trend against the dollar, appreciating further. It managed to gain 16 paise against the dollar • The dollar continues to be undercut by last Friday’s much weaker-thanexpected US payroll report and moved to a new two and a half month low. Due to this, other currencies appreciated against the dollar including Chinese yuan.

Currency futures on NSE

For a fourth day in a row the rupee managed to appreciate against the US dollar. However, the Dollar index moved towards its support of 90 whereas US$INR pair is near its support indicating possible bounce towards 74 levels • The dollar-rupee April contract on the NSE was at Rs 73.55 in the last session. The open interest declined almost 6.5% for the May series.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.55-73.60Market Lot: US$1000
Target: 73.90/ 74.00Stop Loss: 73.45
Support: 73.50/73.30Resistance: 73.85/74.00

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: May 11, 2021 10:06 am

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