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
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.
|US$INR Apr futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 74.55-74.60||Market Lot: US$1000|
|Target: 75.00/ 75.20||Stop Loss: 74.37|
|Support: 74.40/74.20||Resistance: 75.00/75.35|