ICICI Direct However, we feel the USDINR pair will continue to trade in the range for coming sessions.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee depreciated by almost 33 paisa and ended marginally below its sizeable Call base of 76. Negative domestic equities and extension of lockdown further created pressure on the rupee • The Dollar index tested its key support of 100 on Monday. Risk on sentiment surged along with news of potential vaccine triggered profit booking by the Dollar index. However, in the past two weeks, the Dollar index has been trading in a range with support being pegged at 99.5 levels.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 76.07 in the last session. The open interest fell almost 1.8% during the last session • As there is a news of new vaccine being found for Covid19 and few successful trails being run, the index witnessed some profit booking. However, we feel the US$INR pair will continue to trade in the range for coming sessions.
Intra-day strategy
| US$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: 75.60 |
| Support: 75.50/75.60 | Resistance: 76.00/76.20 |
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