ICICI Direct's currency report on USDINR
Spot Currency
For a couple of sessions the rupee has been trading in a range of 25 paise. Yesterday, it managed to gain 10 paise and ended near 74.27 • The Dollar index recovered from early losses and ended almost flat for the day. Current account deficit widened to a 14-year high, which should keep the dollar move in check. We feel it is likely to consolidate above 91.5 levels.
Currency futures on NSE
US$INR continued to trade above 74 levels supported by a strong dollar and crude oil prices. We continue to feel that due to a rise in Dollar index, the US$INR pair should move towards 74.6 levels in coming days • The dollar-rupee June contract on the NSE was at Rs 74.31 in the last session. The open interest fell 7.1% for the June series.
Intra-day strategy
| US$INR June futures contract (NSE) | View: Bullish on US$INR |
| Buy US$INR in the range of 74.20-74.24 | Market Lot: US$1000 |
| Target: 74.40/ 74.50 | Stop Loss: 74.10 |
| Support: 73.90/73.70 | Resistance: 74.40/74.70 |
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