Buy USDINR; target of 75.25 - 75.40: ICICI Direct

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ICICI Direct The rupee ended almost flat after four days of depreciation. We feel it would remain in a range with 75.5 as a hurdle zone •

ICICI Direct's currency report on USDINR

Spot Currency

Amid high volatility in the domestic market, the rupee ended flat against the US dollar. CPI data would be looked at, going forward, which will provide some volatility • The Dollar index trimmed losses and tested 96.6 levels in previous session. Focus would remain on the advance of Covid-19 whereas monthly budget statement would also be looked at.

Currency futures on NSE

The rupee ended almost flat after four days of depreciation. We feel it would remain in a range with 75.5 as a hurdle zone • The dollar-rupee contract on the NSE was at 75.30 in the last session. The open interest declined 2.5% in the last session.

Intra-day strategy

US$INR Jul futures contract (NSE)	View: Bullish on US$INR
Buy US$ in the range of 75.10-75.15	Market Lot: US$1000
Target: 75.25/ 75.40	Stop Loss: 74.95
Support: 74.90/75.05	Resistance: 75.40/75.50

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