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
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$INR pair is near its support indicating possible bounce towards 74 levels • The dollar-rupee April contract on the NSE was at Rs 73.55 in the last session. The open interest declined almost 6.5% for the May series.
|US$INR May futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 73.55-73.60||Market Lot: US$1000|
|Target: 73.90/ 74.00||Stop Loss: 73.45|
|Support: 73.50/73.30||Resistance: 73.85/74.00|