ICICI Direct The rupee further appreciated by 22 paise against the US dollar amid a sharp reversal in domestic equities from lower levels and weakness in the dollar •
ICICI Direct's currency report on USDINR
The rupee further appreciated by 22 paise against the US dollar amid a sharp reversal in domestic equities from lower levels and weakness in the dollar • Despite advances on Monday, the Dollar index failed to generate the same pace on Tuesday where it consolidated near 100 levels. NFIB index, Fedspeak and CPI figures will now decide the direction from here.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.39 in the last session. The open interest fell by almost 6.8% during the last session • As government announced Rs 20 lakh crore stimulus, the rupee will see volatility in coming days. However, the US$INR pair can witness support near 75 levels once this volatility cools off.
|US$INR May futures contract (NSE)||View: Bullish on US$INR|
|Buy US$ in the range of 75.30-75.40||Market Lot: US$1000|
|Target: 75.50/ 75.80||Stop Loss: 75.15|
|Support: 75.00/75.2||Resistance: 75.6/75.80|