Buy USDINR; target of 76.20 - 76.40: ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

The rupee further depreciated by almost 9 paise and closed at 75.76 whereas the US$INR May future ended above 76 levels. Weakness in the rupee was largely due to strengthening of dollar and US-China trade war fear • The Dollar index managed to reclaim the crucial level of 100 yesterday. The US private sector shed 20 million jobs during last month but the dollar managed to keep buying interest alive as news came of opening US economy gradually.

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 the 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 

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