ICICI Direct This may help the rupee to appreciate as, overall, it is expected to trade in a range.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee slipped 10 paisa and ended at 75.56 as traders fear concerns how the | 20 lakh package would be financed as there is no clarity from the government • The Dollar index has moved near its previous high and ended near 100.30 levels. However, trade war fears and rise in US initial claims data would be key factors deciding the trend of Dollar Index.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.64 in the last session. The open interest fell by almost 3.1% during the last session • The Dollar index has moved near its previous supply line. If it retraces towards 100 again, EM curries will see a pullback. This may help the rupee to appreciate as, overall, it is expected to trade in a range.
Intra-day strategy
| US$INR May futures contract (NSE) | View: bearish on US$INR |
| Sell US$ in the range of 75.60-75.70 | Market Lot: US$1000 |
| Target: 75.40/ 75.30 | Stop Loss: 75.80 |
| Support: 75.00/75.2 | Resistance: 75.6/75.80 |
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