ICICI Direct The Dollar index fell towards its lowest levels since March 16 as US market rallied nearly 4% for the week. We feel EM currencies will witness a round of appreciation.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee appreciated from its sizeable Call base of 76 and ended at 75.62. Correction in Dollar index, positive domestic equities and fund inflow boosted investors sentiment • The Dollar index fell towards its lowest levels since March 16 as US market rallied nearly 4% for the week. Uncertainty regarding the trade deal with China and no major comment by the US President triggered profit booking in safe haven.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.79 in the last session. The open interest fell by almost 4.1% during the last session • The Dollar index fell towards its lowest levels since March 16 as US market rallied nearly 4% for the week. We feel EM currencies will witness a round of appreciation.
Intra-day strategy
| US$INR May futures contract (NSE) | View: Bullish on US$INR |
| Sell US$ in the range of 76.00-76.10 | Market Lot: US$1000 |
| Target: 75.80/ 75.60 | Stop Loss: 76.20 |
| Support: 75.7/75.80 | Resistance: 76.30/76.40 |
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