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
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$INR pair moving towards 74.6 levels again • The dollar-rupee April contract on the NSE was at Rs 74.37 in the last session. The open interest fell 0.97% for the May series.
|US$INR May futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 74.27-74.30||Market Lot: US$1000|
|Target: 74.45/ 74.60||Stop Loss: 74.15|
|Support: 74.00/74.20||Resistance: 74.80/75.00|