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Buy USDINR; target of: 74.80 - 74.90: ICICI Direct

ICICI Direct,The rupee managed to gain another 7 paisa on the back of positive domestic equities and Dollar index, which remained below 91 levels.

April 28, 2021 / 09:35 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee managed to gain another 7 paisa on the back of positive domestic equities and Dollar index, which remained below 91 levels • The dollar index moved slightly higher as strength in T-note yields supported gains. However, investors would be cautious and would wait for the outcome of the FOMC meet.

Currency futures on NSE

Due to weakness in the Dollar index, the rupee managed to move near its support levels. Looking at the writing in OTM Puts, we feel the rupee should move towards 75 levels again • The dollar-rupee April contract on the NSE was at Rs 74.64 in the last session. The open interest fell 16% for the April series.

Intra-day strategy 

US$INR Apr futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 74.58-74.60Market Lot: US$1000
Target: 74.80/ 74.90Stop Loss: 74.45
Support: 74.60/74.40Resistance: 75.00/75.30

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: Apr 28, 2021 09:35 am

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