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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

Spot Currency

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.

Intra-day strategy 

US$INR Apr futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 74.75-74.80Market Lot: US$1000
Target: 75.15/ 75.25Stop Loss: 74.60
Support: 74.60/74.50Resistance: 75.15/75.25

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Apr 9, 2021 09:07 am

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