ICICI Direct, The rupee again depreciated against the US$ and slipped almost 24 paise towards the end.
Moneycontrol.com
July 07, 2021 / 10:01 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee again depreciated against the US$ and slipped almost 24 paise towards the end. The rupee closed at 74.54 levels while a reversal was seen post a sharp sell-off in equities • The dollar index on Tuesday saw support ahead of Wednesday’s release of the minutes from the June 15-16 FOMC meeting, which could be hawkish for Fed policy and supportive of the dollar. FOMC members at that meeting began discussions of QE tapering.
Currency futures on NSE
The rupee has been trading in a range for the past two sessions. Looking at the Call OI position in ATM and OTM strikes we feel upsides seem capped as of now and the rupee can slide towards 74.5 levels • The dollar-rupee July contract on the NSE was at Rs 74.70 in the last session. The open interest fell 3.2% 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 74.72-74.75 | Market Lot: US$ 1000 |
| Target: 74.60/ 74.50 | Stop Loss: 74.86 |
| Support: 74.30/74.50 | Resistance: 75.00/75.30 |
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