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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 are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

first published: May 11, 2021 10:06 am

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