StocksMarket.in

Sell USDINR; target of: 74.90 – 74.80 : ICICI Direct

Sell USDINR; target of: 74.90 – 74.80 : ICICI Direct
July 09
11:08 2021

ICICI Direct, Weakness continued in the rupee, which depreciated by another 8 paise and closed at 74.7 levels.

July 09, 2021 / 09:55 AM IST

Nirvik makes provisions for lenders to be compensated periodically by the government, if loans are not repaid.

Nirvik makes provisions for lenders to be compensated periodically by the government, if loans are not repaid.

ICICI Direct’s currency report on USDINR

Spot Currency

Weakness continued in the rupee, which depreciated by another 8 paise and closed at 74.7 levels. A sharp reversal in equities from higher levels triggered more selling • The dollar index posted moderate losses as it retreated from Wednesday’s three-month high. The dollar was weighed down on Thursday by negative carryover from Wednesday’s dovish minutes of the June 15-16 FOMC meeting.

Currency futures on NSE

The US$ INR pair approached its sizeable Call base of 75. We feel a leg of profit booking should take the pair towards 74.6 in coming days • The dollar-rupee July contract on the NSE was at Rs 74.95 in the last session. The open interest rose 2.9% 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 75.00-75.04Market Lot: US$ 1000
Target: 74.90/ 74.80Stop Loss: 75.15
Support: 74.30/74.50Resistance: 75.00/75.30

Disclaimer: 

Archives