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Sell USDINR; target of: 73.30- 73.10: ICICI Direct

ICICI Direct, After depreciating sharply in the past few sessions, some breather was seen for the rupee as it appreciated almost 28 paise. In the last trading session, the rupee ended near 73.1 levels •

April 05, 2021 / 09:52 AM IST
Representative image

Representative image

ICICI Direct's currency report on USDINR

Spot Currency

After depreciating sharply in the past few sessions, some breather was seen for the rupee as it appreciated almost 28 paise. In the last trading session, the rupee ended near 73.1 levels • The dollar retraced from its four month high and posted marginal losses. Strength in stocks on Wednesday curbed liquidity demand for the dollar. The dollar saw underlying support from higher T-note yields and President Biden’s announcement of his $2.25 trillion infrastructure plan.

Currency futures on NSE

As the Dollar index has retraced from fresh four-month’s high with Call writing positions intact in OTM strikes. We feel a marginal retracement towards 73 levels could be possible in the US$INR pair • The dollar-rupee April contract on the NSE was at | 73.42 in the last session. The open interest remained almost flat for the April series.

Intra-day strategy 

US$INR Apr futures contract (NSE)View: Bearish on US$INR
Sell US$INR in the range of 73.50-73.54Market Lot: US$1000
Target: 73.30/ 73.10Stop Loss: 73.66
 Support: 73.30/73.00Resistance: 73.55/73.85

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first published: Apr 5, 2021 09:52 am

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