ICICI Direct The USDINR pair can witness support near 75 levels once this volatility cools off.
ICICI Direct's currency report on USDINR
As the fiscal stimulus boosted investors sentiments, the rupee rose marginally by 5 paisa yesterday. However, risk sentiments are negative and investor sentiments remain fragile over Coronavirus concerns • US equities ended deep in the red whereas the Dollar index remained near 100 levels as testimony by Fed Chair Jerome Powell pointed towards a grim outlook for the US economy.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.39 in the last session. The open interest fell almost 5.65% during the last session • As the government announced a | 20 lakh crore stimulus, the rupee is expected to 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: 75.60/ 75.80||Stop Loss: 75.15|
|Support: 75.00/75.2||Resistance: 75.6/75.80|