ICICI Direct, The rupee continued to trade in a range and fell by 9 paise to close near 74.58 in the last session•
July 15, 2021 / 08:56 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee continued to trade in a range and fell by 9 paise to close near 74.58 in the last session • The Dollar index fell marginally from its three-months high as comments on Wednesday from Fed chair Powell sent T-notes yield lower and undercut the dollar when he said the US economy has not yet achieved substantial further progress.
Currency futures on NSE
The US$ INR is lacking volatility and no major OI activity are observed, indicating it would trade in a range of 74.40-74.80 in the coming session • The dollar-rupee July contract on the NSE was at Rs 74.66 in the last session. The open interest rose 0.4% for the July series.
Intra-day strategy
| US$ INR July futures contract (NSE) | View: Bullish on US$ INR |
| Sell US$ INR in the range of 74.75-74.79 | Market Lot: US$ 1000 |
| Target: 74.50/ 74.40 | Stop Loss: 74.91 |
| Support: 74.30/74.50 | Resistance: 75.00/75.30 |
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