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Sell USDINR; target of: 74.80 – 74.70 : ICICI Direct

Sell USDINR; target of: 74.80 – 74.70 : ICICI Direct
July 12
13:08 2021

ICICI Direct, The rupee reverted 8 paise and ended near 74.62 in the last session.

July 12, 2021 / 09:38 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee reverted 8 paise and ended near 74.62 in the last session. We feel the rupee would remain in a range in the coming days • The dollar fell moderately as a rally in stocks curbed liquidity demand for the dollar. The S&P 500 rallied to a new record high on Friday after China’s central bank boosted liquidity in the financial system by cutting the reserve requirement ratio for banks by -0.5 percentage point to 12.0.

Currency futures on NSE

The US$ INR pair approached its sizeable Call base of 75 and reverted as Call writers are dominating at higher levels. We feel a leg of profit booking should take the pair towards 74.5 in coming days • The dollar-rupee July contract on the NSE was at Rs 74.78 in the last session. The open interest rose 1.2% 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 74.96-75.00Market Lot: US$ 1000
Target: 74.80/ 74.70Stop Loss: 75.10
 Support: 74.30/74.50Resistance: 75.00/75.30

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