ICICI Direct's currency report on USDINR
Spot Currency
The rupee further depreciated by almost 9 paise and ended at 75.76 whereas the US$INR May future ended above 76 levels. Weakness in the rupee was largely due to strengthening of the dollar and US-China trade war fears • After three days of winning streak, the Dollar Index ended negative for the first time in the week. However, it remained near the important level of 100.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 76.03 in the last session. The open interest fell almost 3.2% during the last session • The US$INR pair managed to close above 76 levels as US Dollar index moved near 100 levels. Negative domestic equities and selling by FIIs are likely to keep the rupee move in check.
Intra-day strategy
| US$INR May futures contract (NSE) | View: Bullish on US$INR |
| Buy US$ in the range of 75.80-75.90 | Market Lot: US$1000 |
| Target: 76.10/ 76.30 | Stop Loss: 75.70 |
| Support: 75.50/75.80 | Resistance: 76.20/76.40 |
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