ICICI Direct USDINR has moved towards its sizeable Call base of 76. We feel a marginal retracement can be seen towards 75.5 levels in coming days.
ICICI Direct's currency report on USDINR
The rupee further depreciated marginally and ended at 75.74 against the US dollar as tensions between the US and China kept on escalating • The Dollar index failed to hold the important level of 99 and moved to 98.5 levels. Q1 GDP contracted 5%, well below estimates whereas initial jobless claims rose further.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 76.01 in the last session. The open interest fell almost 1.9% during the last session • The Dollar index came under pressure on the back of contracting GDP. US$INR has moved towards its sizeable Call base of 76. We feel a marginal retracement can be seen towards 75.5 levels in coming days.
|US$INR May futures contract (NSE)||View: Bearish on US$INR|
|Sell US$ in the range of 76.15-76.25||Market Lot: US$1000|
|Target: 76.00/ 75.80||Stop Loss: 76.35|
|Support: 75.7/75.80||Resistance: 76.30/76.40|