ICICI Direct, The rupee traded in a narrow and tight band throughout the day.
July 16, 2021 / 08:41 AM IST
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ICICI Direct’s currency report on USDINR
Spot Currency
The rupee traded in a narrow and tight band throughout the day. Yesterday, it managed to sustain well above 74.50 levels and ended with gains of 4 paise • The Dollar index posted moderate gains. A drop in US weekly jobless claims to a new pandemic low supported gains in the dollar along with hawkish Fed comments.
Currency futures on NSE
The US$ INR is seeing contracting volatility while the trading range has been narrowing for a few sessions. We feel the rupee should move towards 74.4 levels in coming days whereas upsides seem limited • The dollar-rupee July contract on the NSE was at Rs 74.65 in the last session. The open interest fell 3.2% 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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