ICICI Direct As the Dollar index remained in a range, no clear trend is seen in EM currencies where the rupee also followed the same trend. However, we feel a close above 76 would be needed for any further upsides.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee depreciated marginally and ended at 75.72 against the US dollar as rising tensions between the US and China escalated along with no major revival seen in the global economy • The rally in equities left the forex markets behind with the Dollar index remaining muted below 99.5 levels. Rising tensions between the US and China kept the index move in check.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.89 in the last session. The open interest rose by almost 25.7% during the last session • As the Dollar index remained in a range, no clear trend is seen in EM currencies where the rupee also followed the same trend. However, we feel a close above 76 would be needed for any further upsides.
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/ 76.10 | Stop Loss: 75.60 |
| Support: 75.4/75.60 | Resistance: 76.00/76.30 |
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