ICICI Direct The USDINR pair is likely to move higher as Covid-19 cases are increasing. The Dollar index is trading in a range. If it manages to close above 100.60 levels, most EM currencies will further depreciate.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee moved higher towards 76 levels as the number of Covid-19 cases continued to rise in India. Strengthening of the Dollar index and negative domestic equities weighed on investor sentiment • The Dollar index started the week on optimistic note and moved above 100 levels. However, last week it faced difficulty at higher levels. We feel the range can be broken only if it closes above 100.60 levels.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.94 in the last session. The open interest fell by almost 2.5% during the last session • The US$INR pair is likely to move higher as Covid-19 cases are increasing. The Dollar index is trading in a range. If it manages to close above 100.60 levels, most EM currencies will further depreciate.
Intra-day strategy
| US$INR May futures contract (NSE) | View: Bullish on US$INR |
| Buy US$ in the range of 75.70-75.80 | Market Lot: US$1000 |
| Target: 76.00/ 76.20 | Stop Loss: 75.6 |
| Support: 75.34/75.6 | Resistance: 76.00/76.20 |
Special Offer: Subscribe to Moneycontrol PRO’s annual plan for ₹1/- per day for the first year and claim exclusive benefits worth ₹20,000. Coupon code: PRO365
Read More
