Sell USDINR; target of 76.00 - 75.80: ICICI Direct
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.
May 29, 2020 / 10:14 AM IST
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|