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ICICI Direct's currency report on USDINR
Spot Currency
The rupee continue to find strength and moved to its highest level in almost a month on continued foreign inflows into domestic equities. US$INR pair has outperformed rest of the Asian peers in the recent leg • The greenback was broadly lower amid a rally in the US Treasury market ahead of US data and a series of Fed speakers including Jerome Powell. However, there is possibility of the Dollar index moving towards 92.50 till it holds above 91.60 levels.
Currency futures on NSE
US$INR pair continued to appreciate as the dollar index failed to sustain above 92 levels. Moreover, some cooloff in US yields provided cushion to the US$INR pair, which gained further strength amid continued FII inflows. However, a rise should be used to create fresh shorts • The dollar-rupee March contract on the NSE was at Rs 72.44 in the last session. The open interest increased by almost 13.5% for the March series.
It is good time to trade in Currency?
Intra-day strategy
| US$INR Mar futures contract (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 72.46-72.50 | Market Lot: US$1000 |
| Target: 72.30/ 72.20 | Stop Loss: 72.62 |
| Support: 72.30/72.20 | Resistance: 72.60/73.70 |
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