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 74.96-75.00 | Market Lot: US$ 1000 |
| Target: 74.80/ 74.70 | Stop Loss: 75.10 |
| Support: 74.30/74.50 | Resistance: 75.00/75.30 |
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