ICICI Direct, The rupee weakened further against the US dollar and closed at 74.32 levels, down 10 paise.
July 01, 2021 / 09:53 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee weakened further against the US dollar and closed at 74.32 levels, down 10 paise. A sharp sell-off in domestic equities can be attributed to the fall • The dollar found support Wednesday on quarter-end demand along with safe-haven demand from the spread of the dangerous Delta Covid variant throughout the world. The dollar extended its gains on Wednesday on mostly better-than-expected US economic data.
Currency futures on NSE
The US$ INR future ended almost flat post high intraday volatility. We feel the pair should move towards its sizeable Call base of 75 • The dollar-rupee June contract on the NSE was at Rs 74.54 in the last session. The open interest fell 1.1% 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 74.48-74.51 | Market Lot: US$ 1000 |
| Target: 74.70/ 74.80 | Stop Loss: 74.38 |
| Support: 74.30/74.10 | Resistance: 74.70/74.90 |
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