ICICI Direct The rupee again approached its sizeable Call base of 76. We feel a close above these levels would open the gates for more upsides but looking at the consolidation in Dollar Index we feel, the rupee will remain in a range.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee depreciated sharply and moved towards the levels of 75.95 as the RBI cut key interest rates. Choppy equites and a rise in crude oil prices kept the rupee under pressure. • The Dollar index marched higher to 100 levels but it closed near 99.70. US-China-Hong Kong jitters fuelled demand for safe havens. We feel it is likely to trade in a range.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.90 in the last session. The open interest fell almost 9.1% during the last session • The rupee again approached its sizeable Call base of 76. We feel a close above these levels would open the gates for more upsides but looking at the consolidation in Dollar Index we feel, the rupee will remain in a range.
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: 75.4/75.60 | Resistance: 76.00/76.30 |
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