ICICI Direct's currency report on USDINR
Spot Currency
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$INR pair is finding hurdles at higher levels due to continuous supply at 75.00-75.50. As the Dollar index is expected to bounce from support level of 90.5-91, we may see the rupee move towards 75.50 levels once again • The dollar-rupee April contract on the NSE was at Rs 74.79 in the last session. The open interest fell 5% for the April series.
Intra-day strategy
| US$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 |
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