Buy USDINR; target of: 75.00 - 75.20: ICICI Direct
ICICI Direct, The rupee witnessed a further recovery and managed to gain almost 29 paise in the last session to close near 74.72 levels against the US dollar.
April 27, 2021 / 08:36 AM IST
ICICI Direct's currency report on USDINR
The rupee witnessed a further recovery and managed to gain almost 29 paise in the last session to close near 74.72 levels against the US dollar • The dollar rose from an eight-week low against major currencies on Monday, with investors consolidating positions ahead of the Federal Reserve's monetary policy meeting this week.
Currency futures on NSE
The US$INR pair is finding hurdles at higher levels due to continuous supply at 75.00-75.50. As the Dollar index is expected to bounce from support level of 90.5-91, we may see the rupee move towards 75.50 levels once again • The dollar-rupee April contract on the NSE was at Rs 74.79 in the last session. The open interest fell 5% for the April series.
|US$INR Apr futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 74.60-74.64||Market Lot: US$1000|
|Target: 75.00/ 75.20||Stop Loss: 74.40|
|Support: 74.60/74.40||Resistance: 75.00/75.30|