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Buy USDINR; target of: 74.05 - 74.25: ICICI Direct

ICICI Direct, The rupee depreciated sharply in the last session and closed above 73 levels despite positive movement in equities.

March 31, 2021 / 09:16 AM IST
Source: Shutterstock

Source: Shutterstock

ICICI Direct's currency report on USDINR

Spot Currency

The rupee depreciated sharply in the last session and closed above 73 levels despite positive movement in equities. Rising US bond yields and dollar have put pressure on the currency pair • The dollar finally moved above 93 levels after hovering around these levels for the last few sessions. The up move was well supported by rising yields in the US bond markets. Yields of the key 10-year note advanced to fresh highs above 1.75%, area last visited in January 2020.

Currency futures on NSE

Financial year closing has triggered significant buying in the US$INR pair as it moved to the highest levels in almost a month. A move above 74.10 may trigger a further pullback in the currency pair • The dollar-rupee April contract on the NSE was at Rs 73.83 in the last session, gaining more than 1%. The open interest increased by almost 12% for the April series.

Intra-day strategy 

US$INR Apr futures contract (NSE)View: Bullish on US$INR
Long US$INR in the range of 73.73-73.77Market Lot: US$1000
Target: 74.05/ 74.25Stop Loss: 73.58
 Support: 73.60/73.45Resistance: 74.10/74.30

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: Mar 31, 2021 09:16 am

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