ICICI Direct, The rupee continued to appreciate on the back of positive domestic equities and no major rise in oil prices The dollar on Tuesday posted moderate gains.
Broker Research
July 14, 2021 / 11:41 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continued to appreciate on the back of positive domestic equities and no major rise in oil prices The dollar on Tuesday posted moderate gains. A larger-than-expected increase in US June consumer prices pushed T-note yields higher and supported gains in the dollar. Also, weakness in US stock indices on Tuesday spurred some liquidity
Currency futures on NSE
The US$ INR pair is struggling at higher levels. Due to no major move in the Dollar index and strong domestic equities, we feel a move towards 74.4 is expected The dollar-rupee July contract on the NSE was at | 74.61 in the last session. The open interest fell 6% 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 74.60-74.64 | Market Lot: US$ 1000 |
| Target: 74.50/ 74.40 | Stop Loss: 74.75 |
| Support: 74.30/74.50 | Resistance: 75.00/75.30 |
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