When formal sector workers withdraw their PF contributions, they also tap into their retirement savings since they are part of a single account. [Image: Shutterstock]
ICICI Direct's currency report on USDINR
Spot Currency
The rupee appreciated almost 22 paise despite continued up move in the dollar index. Equity inflows dues to index rebalancing may have triggered recent appreciation in the pair • The Dollar index continued its upward move seen after the Fed meet and strengthened to its highest levels seen since mid-April. However, US 10 year bond yields moved back to 1.44 levels.
Currency futures on NSE
Despite the sharp up move seen in the Dollar index, the US$INR appreciated and moved back towards 74 levels. However, we believe the depreciation may continue in the short term and the US$INR pair should move higher towards 74.50 levels • The dollar-rupee June contract on the NSE was at Rs 74.01 in the last session. The open interest declined almost 3% 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 74.03-74.07 | Market Lot: US$1000 |
| Target: 74.35/ 74.50 | Stop Loss: 73.89 |
| Support: 73.90/73.70 | Resistance: 74.35/74.50 |
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