ICICI Direct's currency report on USDINR
Spot Currency
After three days of depreciation, the rupee managed to gain 17 paise and ended near 72.91 levels. Positive domestic equities help the rupee to turn positive • The dollar index rallied sharply and moved to two and a half month high as a slump in US stocks fuelled some liquidity demand. The dollar extended its gains on hawkish Fed comments and Thursday’s betterthan-expected US economic data.
Currency futures on NSE
After appreciating almost 17 paise, US$INR moved towards its support of 73. As the Dollar index fell sharply, we feel the rupee should move towards 73.5 levels • The dollar-rupee June contract on the NSE was at Rs 73.11 in the last session. The open interest rose 1.6% for the June series.
Intra-day strategy
| US$INR June futures contract (NSE) | View: Bullish on US$INR |
| Buy US$INR in the range of 73.04-73.07 | Market Lot: US$1000 |
| Target: 73.20/ 73.40 | Stop Loss: 72.90 |
| Support: 72.90/73.10 | Resistance: 73.40/73.70 |
Read More