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Last Updated : May 22, 2020 12:29 PM IST | Source: Moneycontrol.com

Buy USDINR; target of 75.55 - 75.75: ICICI Direct

ICICI Direct However, the USDINR pair slipped into a discount and a possible bounce is possible.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated and closed at 75.60 against the US dollar. FIIs remained negative for the month. However, positive domestic equities and weakness in Dollar index helped the rupee to recover • The Dollar index witnessed its worst decline in five weeks and fell sharply below 99.5 levels as initial claims further rose by 2.4 millions. However, support for the same is pegged at 99 levels.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.53 in the last session. The open interest rose almost 5.1% during the last session • As there was a sharp decline in the Dollar index, the rupee saw some strength. However, the US$INR pair slipped into a discount and a possible bounce is possible.

Intra-day strategy 

US$INR May futures contract (NSE)View: Bullish on US$INR
Buy US$ in the range of 75.30-75.40Market Lot: US$1000
Target: 75.55/ 75.75Stop Loss: 75.20
Support: 75.0/75.20Resistance: 75.60/75.80

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First Published on May 22, 2020 12:29 pm