ICICI Direct The USDINR pair is likely to trade in a range unless clarification come from the government on another round of fiscal stimulus.
ICICI Direct's currency report on USDINR
Spot Currency
As domestic equities ended positive, the rupee inched higher and ended near 75.54. However, it is likely to trade in a range of 75-76 due to no clarity on another round of fiscal stimulus by government • The Dollar index remained largely in a range last week as the US shed 20.5 million jobs in April, which is the steepest since great depression. However, opening of economies globally is raising hope.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.74 in the last session. The open interest rose almost 3.4% during the last session • The US$INR pair is likely to trade in a range unless clarification come from the government on another round of fiscal stimulus.
Intra-day strategy
| US$INR May futures contract (NSE) | View: Bullish on US$INR |
| Buy US$ in the range of 75.50-75.60 | Market Lot: US$1000 |
| Target: 75.90/ 76.00 | Stop Loss: 75.4 |
| Support: 75.30/75.50 | Resistance: 76.00/76.20 |
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