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Buy USDINR; target of: 74.70 – 74.80: ICICI Direct

Buy USDINR; target of: 74.70 – 74.80: ICICI Direct
July 04
23:08 2021

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 74.48-74.51Market Lot: US$ 1000
Target: 74.70/ 74.80Stop Loss: 74.38
Support: 74.30/74.10Resistance: 74.70/74.90

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