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Buy USDINR; target of: 74.50 - 74.60: ICICI Direct

ICICI Direct, The rupee appreciated marginally and moved further around 74 levels.

May 04, 2021 / 08:58 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated marginally and moved further around 74 levels. The current levels of the rupee are the highest seen in almost a month • A recovery was seen in the Dollar index from lower levels, which was supported by better than estimated economic data and forecast that the US would do better than its peers.

Currency futures on NSE

The US$INR has remained around its highest Put base of 74 strike. However, the Dollar Index reverted from 90.5 levels once again. This suggests the Put base at 74 strike is likely to remain a major level for the rupee in the near term • The dollar-rupee April contract on the NSE was at Rs 74.33 in the last session. The open interest rose 2% 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 74.13-74.17Market Lot: US$1000
Target: 74.50/ 74.60Stop Loss: 74.00
Support: 74.00/74.10Resistance: 74.60/75.00

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: May 4, 2021 08:58 am

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