ICICI Direct, Among EM currencies, the rupee remained one of the underperformers and again depreciated against the dollar.
Broker Research
July 08, 2021 / 09:39 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
Among EM currencies, the rupee remained one of the underperformers and again depreciated against the dollar. It ended at 74.62 levels, down almost 8 paise • The dollar index rallied to a three-month high. Signs of strength in the US labour market supported gains. May JOLTS job openings rose to a record.
Currency futures on NSE
The US$ INR pair saw fresh accumulation from lower levels along with the Dollar Index moving to fresh three month’s high indicating a move towards 75 cannot be ruled out • The dollar-rupee July contract on the NSE was at Rs 74.82 in the last session. The open interest rose 1.5% 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 74.70-74.74 | Market Lot: US$ 1000 |
| Target: 74.90/ 75.00 | Stop Loss: 74.59 |
| Support: 74.30/74.50 | Resistance: 75.00/75.30 |
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