ICICI Direct, The rupee witnessed sharp depreciation against the dollar in the last session and lost 55 paise amid a strengthening dollar index •
July 20, 2021 / 09:17 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee witnessed sharp depreciation against the dollar in the last session and lost 55 paise amid a strengthening dollar index • The safe-haven US dollar moved higher against a basket of major currencies on Monday as investors grew nervous about a raging Coronavirus variant that could threaten the outlook for a global economic recovery. The greenback jumped even as the US 10-year Treasury yield dropped to a more than five-month low of 1.176%.
Currency futures on NSE
The US$ INR has moved higher towards 75 levels surpassing its highest Call base. Continued up move towards 75.50 is expected in the coming sessions • The dollar-rupee July contract on the NSE was at Rs 75.02 in the last session. The open interest fell almost 1% for the July series while August series OI increased by almost 60%
Intra-day strategy
| US$ INR July futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 74.88-74.91 | Market Lot: US$ 1000 |
| Target: 75.20/ 75.30 | Stop Loss: 74.72 |
| Support: 74.70/74.50 | Resistance: 75.20/75.30 |
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