ICICI Direct, The rupee continued to fall against the US dollar as the Dollar index continued to trade higher. Elevated crude oil prices and weakness in domestic equities kept the pressure intact•
July 02, 2021 / 09:45 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continued to fall against the US dollar as the Dollar index continued to trade higher. Elevated crude oil prices and weakness in domestic equities kept the pressure intact • The dollar index moved to a fresh two and a half month high as stronger-than-expected US initial claims were reported.
Currency futures on NSE
The US$ INR continued to move higher as the Dollar index moved to two-month highs. Major writing is happening in ATM and OTM Puts indicating a move towards 75 is expected for the pair • The dollar-rupee June contract on the NSE was at Rs 74.75 in the last session. The open interest rose 4.4% for the July series.
Intra-day strategy
US$ INR July futures contract (NSE) | View: Bullish on US$ INR |
Buy US$ INR in the range of 74.65-74.70 | Market Lot: US$ 1000 |
Target: 74.90/ 75.00 | Stop Loss: 74.55 |
Support: 74.30/74.50 | Resistance: 74.90/75.20 |
Disclaimer:
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