ICICI Direct expects The rupee paused its winning streak as the Dollar Index reverted from its support of 98.5. Selling in global markets, rise in crude oil prices can attract some buying in dollar as safe heaven assets.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee closed almost flat against the US dollar as there were some gains in Asian currencies. However, negative domestic equities and outflow in the cash segment is likely to keep the rupee move in check. Going forward, we feel it is likely to move towards 76.5 levels • The Dollar Index continues to stay near its weekly upper range of 99.50 amid fresh trade war tension between the US and China. US ISM Non Manufacturing and trade balance figures are expected to trigger some volatility in the Dollar Index.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.94 in the last session. The open interest rose almost 1.5% during the last session • The rupee paused its winning streak as the Dollar Index reverted from its support of 98.5. Selling in global markets, rise in crude oil prices can attract some buying in dollar as safe heaven assets.
Intra-day strategy
| US$INR May futures contract (NSE) | View: Bearish on US$INR |
| Buy US$ in the range of 75.70-75.80 | Market Lot: US$1000 |
| Target: 76.00/ 76.10 | Stop Loss: 75.60 |
| Support | Resistance |
| Support: 75.40/75.50 | Resistance: 76.00/76.20 |
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