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