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Buy USDINR; target of: 75.00 - 75.20: ICICI Direct

ICICI Direct, The rupee appreciated as the dollar index started weakening once again.

April 19, 2021 / 09:04 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated as the dollar index started weakening once again. The rupee closed near 74.35 levels, appreciating almost 57 paisa in spot • The dollar slipped to a four-week low against a basket of currencies on Friday, as investors increasingly bought into the Federal Reserve's insistence it would keep an accommodative policy stance for a while longer.

Currency futures on NSE

Due to weakness in the Dollar index, the rupee started strengthening once again from the hurdle of 75.5. However, fears that a surge in domestic Covid-19 cases and lockdown in some states could hamper economic recovery could dent the money market • The dollar-rupee April contract on the NSE was at Rs 74.55 in the last session. The open interest increased 6% 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 74.55-74.60Market Lot: US$1000
Target: 75.00/ 75.20Stop Loss: 74.37
Support: 74.40/74.20Resistance: 75.00/75.35

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first published: Apr 19, 2021 09:04 am

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