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Buy USDINR; target of: 74.55 - 74.65: ICICI Direct

ICICI Direct, The rupee appreciated marginally and ended at 73.85 levels due to lack of dollar buying interest.

May 05, 2021 / 10:04 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated marginally and ended at 73.85 levels due to lack of dollar buying interest. However, underperformance was seen with rest of the pairs and rupee appreciating against the Euro and GBP • The dollar hit a two-week high on Tuesday, as risk appetite faded amid a sell-off in stocks, with US Treasury Secretary Janet Yellen's comments on interest rates needing to rise to prevent the American economy from overheating also supporting the greenback.

Currency futures on NSE

The rupee remained above the Put base of 74 as the Dollar index is hovering near support of 90 levels. We expect upsides to be seen in the US$INR pair. It is likely to move towards 74.50 levels in coming days • The dollar-rupee April contract on the NSE was at Rs 74.25 in the last session. The open interest rose 0.5% 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 74.18-74.22Market Lot: US$1000
Target: 74.55/ 74.65Stop Loss: 74.00
 Support: 74.00/74.20Resistance: 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 5, 2021 10:04 am

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