ICICI Direct, After six days of continuous fall, the rupee managed to recover and appreciated almost 44 paise to close at 74.30 levels in the previous session•
July 06, 2021 / 08:40 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
After six days of continuous fall, the rupee managed to recover and appreciated almost 44 paise to close at 74.30 levels in the previous session • The Dollar index remained marginally below its recent two-month high post unemployment data. We continue to feel the Dollar index would remain in a range before making a directional move from here.
Currency futures on NSE
The US$ INR reverted from its sizeable Call base of 75. We feel it is likely to trade in a range as no major moves are expected from Dollar index due to holiday season • The dollar-rupee July contract on the NSE was at Rs 74.48 in the last session. The open interest fell 4% for the July series.
Intra-day strategy
| US$ INR July futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 74.60-74.64 | Market Lot: US$ 1000 |
| Target: 74.40/ 74.30 | Stop Loss: 74.75 |
| Support: 74.30/74.50 | Resistance: 75.00/75.30 |
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