Buy USDINR; target of 76.00 - 76.20: ICICI Direct
ICICI Direct The rupee again approached its sizeable Call base of 76. We feel a close above these levels would open the gates for more upsides. However, looking at the consolidation in Dollar index we feel, the rupee will remain in a range.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee appreciated 29 paisa to close at 75.66 against the US dollar on Tuesday tracking weakness in the American currency while easing of Covid-19 lockdown measures fuelled growth optimism • After marching towards levels of 100, the Dollar index again saw correction and slipped below 99.5 levels. If the weakness continues, then we feel it could see consolidation near 99 levels.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.67 in the last session. The open interest fell almost 21.4% during the last session • The rupee again approached its sizeable Call base of 76. We feel a close above these levels would open the gates for more upsides. However, looking at the consolidation in Dollar index we feel, the rupee will remain in a range.
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: 75.60 |
| Support: 75.4/75.60 | Resistance: 76.00/76.30 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol Ready Reckoner
Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.
Download a copy Get best insights into Options Trading. Join the webinar by Mr. Vishal B Malkan on May 28 only on Moneycontrol. Register Now!
Read More