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Buy USDINR; target of: 74.00 - 74.15: ICICI Direct

ICICI Direct, The rupee depreciated marginally ahead of the outcome of the Reserve Bank of India’s monetary policy meeting•

April 07, 2021 / 09:09 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee depreciated marginally ahead of the outcome of the Reserve Bank of India’s monetary policy meeting • Caution on the inflation front will likely keep the RBI’s Monetary Policy committee from cutting policy rates. However, the MPC is broadly expected to keep its accommodative stance in light of the recent resurgence of Covid-19 infections.

Currency futures on NSE

The US dollar rebounded from a near two-week low on Tuesday as short-term optimism about the outlook for the US economy prompted investors to consolidate positions after a selloff overnight. However, continued Put writing may keep downsides limited while declines remain a buying opportunity • The dollar-rupee April contract on the NSE was at Rs 73.67 in the last session. The open interest declined 0.6% for the April series.

Intra-day strategy 

US$INR Apr futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 73.67-73.71Market Lot: US$1000
Target: 74.00/ 74.15Stop Loss: 73.50
 Support: 73.50/73.20Resistance: 74.00/74.15

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first published: Apr 7, 2021 09:09 am

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