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Buy USDINR; target of: 74.45 - 74.60: ICICI Direct

ICICI Direct,The rupee extended gains for a fourth day as it gained 29 paise in the previous session to close at 74.04 against the dollar.

April 30, 2021 / 08:40 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee extended gains for a fourth day as it gained 29 paise in the previous session to close at 74.04 against the dollar. Positive domestic equities and inflows by FIIs helped the rupee to maintain positive stance • Following multi week low, the Dollar index found some momentum and bounced from lower levels. US 10 years yields edged higher to 1.65%. Now Flash Q1 GDP figures, weekly claims, housing data are next on the anvil.

Currency futures on NSE

In the last four days, the rupee managed to appreciate almost 85 paise. As the dollar index is near support, we might see US$INR pair moving towards 74.6 levels again • The dollar-rupee April contract on the NSE was at Rs 74.37 in the last session. The open interest fell 0.97% 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 74.27-74.30Market Lot: US$1000
Target: 74.45/ 74.60Stop Loss: 74.15
Support: 74.00/74.20Resistance: 74.80/75.00

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first published: Apr 30, 2021 08:40 am

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