ICICI Direct, The rupee traded flat in the first half. However, it depreciated almost 13 paise in the second half and ended near 74.75 levels•
Broker Research
July 13, 2021 / 09:46 AM IST
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ICICI Direct’s currency report on USDINR
Spot Currency
The rupee traded flat in the first half. However, it depreciated almost 13 paise in the second half and ended near 74.75 levels • The dollar on Monday posted moderate gains on weakness in EUR/US$ and strength in US$ /JPY. EUR/US$ fell after ECB President Lagarde signalled the ECB may begin fresh stimulus measures next year after its PEPP program expires.
Currency futures on NSE
The US$ INR pair is struggling marginally below its sizeable Call base of 75. Looking at the Call OI addition, we feel a move towards 74.5 is due • The dollar-rupee July contract on the NSE was at Rs 74.75 in the last session. The open interest remained flat 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 74.78-74.80 | Market Lot: US$ 1000 |
| Target: 74.60/ 74.50 | Stop Loss: 74.91 |
| Support: 74.30/74.50 | Resistance: 75.00/75.30 |
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