ICICI Direct However, we feel the rupee will consolidate in a range and again move towards 76 levels.
ICICI Direct's currency report on USDINR
Spot Currency
On the back of initial success in Covid-19 vaccine trail, the rupee ended higher by 25 paisa at 75.64. However, selling in domestic equities and sharp bounce in crude oil prices kept the rupee move in check • After Monday’s loss, the Dollar index consolidated below 100 levels. Now the attention is on testimony of Fed Chair Jerome Powell and housing data.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.67 in the last session. The open interest fell by almost 1.1% during the last session • Positive domestic equity and successful trail of vaccine weighed on the rupee yesterday. However, we feel the rupee will consolidate in a range and again move towards 76 levels.
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: 75.80/ 76.00 | Stop Loss: 75.40 |
| Support: 75.40/75.50 | Resistance: 76.00/76.20 |
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