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Sell USDINR; target of: 74.60 – 74.50 : ICICI Direct

Sell USDINR; target of: 74.60 – 74.50 : ICICI Direct
July 19
21:08 2021

ICICI Direct, The rupee continued to trade in a range and last Friday ended almost flat, down 2 paise •

July 19, 2021 / 01:17 PM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee continued to trade in a range and last Friday ended almost flat, down 2 paise • The dollar posted modest gains on stronger-than-expected US June retail sales data. The dollar also garnered some support from a fall in the S&P 500 to a one-week low, which boosted the dollar’s liquidity demand.

Currency futures on NSE

The US$ INR is seeing contracting volatility while the trading range has been narrowing for a few sessions. Looking at the writing in OTM Call we feel upsides seem limited • The dollar-rupee July contract on the NSE was at Rs 74.71 in the last session. The open interest fell 1.8% 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 74.80-74.82Market Lot: US$ 1000
Target: 74.60/ 74.50Stop Loss: 74.95
 Support: 74.30/74.50Resistance: 75.00/75.30

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