ICICI Direct This may help the rupee to appreciate as overall its expected to trade in range. It has approached near its sizeable Call base of 76.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee further depreciated marginally and ended at 75.56 last week. Choppy equities along with no clear direction in the US Dollar index was the main reason • The Dollar index strengthened last week and moved towards 100.5. It climbed on FOMC remarks pushing back negative interest rate policy.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.88 in the last session. The open interest fell almost 5.1% during the last session • The Dollar index has moved near its previous supply line of 100.5. If it retraces towards 100 again, EM currencies will see a pullback. This may help the rupee to appreciate as overall its expected to trade in range. It has approached near its sizeable Call base of 76.
Intra-day strategy
| US$INR May futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.85-75.95 | Market Lot: US$1000 |
| Target: 75.70/ 75.60 | Stop Loss: 76.1 |
| Support: 75.50/75.60 | Resistance: 76.00/76.20 |
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