Buy USDINR; target of: 75.15 - 75.25: ICICI Direct
ICICI Direct, The rupee tumbled to the lowest level in more than four months despite a decent recovery in equities•
April 09, 2021 / 09:07 AM IST
ICICI Direct's currency report on USDINR
Post monetary policy outcome, the rupee continued its depreciating trend and moved to its six month low against the dollar. In the last four trading sessions, the rupee has depreciated almost 145 paise • US Treasury yields fell on Thursday, pressured by fresh dovish comments from Federal Reserve Chair Jerome Powell and weaker-than expected initial jobless claims that highlighted the economy's bumpy recovery from the pandemic.
Currency futures on NSE
The US dollar traded near its two weeks low vs. major peers on Thursday, following Treasury yields. However, due to rising Covid-19 cases many states have announced partial lockdowns that have created uncertainty. This may taper money growth, which suggests this will put depreciation pressure on the rupee • The dollar-rupee April contract on the NSE was at Rs 74.80 in the last session. The open interest increased 2% for the April series.
|US$INR Apr futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 74.75-74.80||Market Lot: US$1000|
|Target: 75.15/ 75.25||Stop Loss: 74.60|
|Support: 74.60/74.50||Resistance: 75.15/75.25|