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
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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 75.00-75.04 | Market Lot: US$ 1000 |
| Target: 74.90/ 74.80 | Stop Loss: 75.15 |
| Support: 74.30/74.50 | Resistance: 75.00/75.30 |
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