Sell USDINR; target of: 74.60 - 74.50: ICICI Direct

ICICI Direct, The rupee managed to gain another 30 paisa and ended near 74.35 levels as positive inflows continued in domestic equities.

April 29, 2021 / 09:30 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee managed to gain another 30 paisa and ended near 74.35 levels as positive inflows continued in domestic equities • As widely expected, the Fed has kept interest rates unchanged and reaffirmed its commitment to using the full range of tools to continue to support the economy. The Dollar index continued to remain below 91 levels.

Currency futures on NSE

Choppiness in the Dollar index and positive domestic equities helped the rupee to appreciate. We feel the current leg of appreciation should help the rupee to move towards 74.5 levels • The dollar-rupee April contract on the NSE was at Rs 74.71 in the last session. The open interest rose 13% for the May series.

Intra-day strategy

US$INR May futures contract (NSE)	View: Bearish on US$INR
Sell US$INR in the range of 74.75-74.79	Market Lot: US$1000
Target: 74.60/ 74.50	Stop Loss: 74.89
Support: 74.60/74.40	Resistance: 74.95/75.10

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