ICICI Direct, Among EM currencies, the rupee remained one of the underperformers and again depreciated against the dollar.
July 08, 2021 / 09:39 AM IST
ICICI Direct’s currency report on USDINR
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.
|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|