ICICI Direct's currency report on USDINR
Spot Currency
The rupee managed to appreciate in the previous session as the Nifty gained almost 100 points and moved above 15800. The Indian currency appreciated by 20 paise and closed below 73 levels • The dollar index (DXY00) on Monday posted moderate losses. The dollar gave up early gains Monday after Tass reported that the Russian government may order Russian state-owned companies to switch to euros from dollars for cash payments.
Currency futures on NSE
Due to a fall in the Dollar index and positive inflow in domestic equities, the rupee managed to appreciate and closed near 73 levels. However, the US$INR pair is near support and is likely to move towards 73.25 levels • The dollar-rupee June contract on the NSE was at Rs 72.98 in the last session. The open interest declined by almost 1.4% for the June series.
Intra-day strategy
| US$INR June futures contract (NSE) | View: Bullish on US$INR |
| Buy US$INR in the range of 72.95-73.00 | Market Lot: US$1000 |
| Target: 73.15/ 73.25 | Stop Loss: 72.80 |
| Support: 72.90/72.70 | Resistance: 73.30/73.50 |
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