ICICI Direct The USDINR pair is likely to move higher as Covid-19 cases are increasing. The Dollar index is trading in a range. If it manages to close above 100.60 levels, most EM currencies will further depreciate.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee moved higher towards 76 levels as the number of Covid-19 cases continued to rise in India. Strengthening of the Dollar index and negative domestic equities weighed on investor sentiment • The Dollar index started the week on an optimistic note and moved above 100 levels. However, last week it faced difficulty at higher levels. We feel the range can be broken only if it closes above 100.60 levels.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.94 in the last session. The open interest fell by almost 2.5% during the last session • The US$INR pair is likely to move higher as Covid-19 cases are increasing. The Dollar index is trading in a range. If it manages to close above 100.60 levels, most EM currencies will further depreciate.
Intra-day strategy
| US$INR May futures contract (NSE) | View: Bullish on US$INR |
| Buy US$ in the range of 75.70-75.80 | Market Lot: US$1000 |
| Target: 76.00/ 76.20 | Stop Loss: 75.6 |
| Support: 75.34/75.6 | Resistance: 76.00/76.20 |
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are their own and not that of the website or its management. BUSINESS NEWS FOR TREADING advises users to check with certified experts before taking any investment decisions.
are their own and not that of the website or its management. BUSINESS NEWS FOR TREADING advises users to check with certified experts before taking any investment decisions.
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