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Sell USDINR; target of: 74.80 – 74.70 : ICICI Direct

Sell USDINR; target of: 74.80 – 74.70 : ICICI Direct
July 22
09:08 2021

ICICI Direct, After a sharp fall of 55 paise, the rupee managed to recover some loss and ended 25 paise higher. The rupee closed at 73.62 levels in the last session.

July 22, 2021 / 08:37 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

After a sharp fall of 55 paise, the rupee managed to recover some loss and ended 25 paise higher. The rupee closed at 73.62 levels in the last session • The dollar extended Monday’s gain and moved to new three-months high on continued liquidity demand in stocks. GBP/US$ on Tuesday tumbled to a five and a half month low on dovish comments from BoE policymakers.

Currency futures on NSE

The US$ INR has again reverted from its highest Call base of 75. We feel only a sustainable close above this level would open up more upsides. Until then, it is likely to remain in a range • The dollar-rupee July contract on the NSE was at Rs 74.71 in the last session. The open interest fell almost 8.7% 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 74.90-74.94Market Lot: US$ 1000
Target: 74.80/ 74.70Stop Loss: 75.10
 Support: 74.70/74.50Resistance: 75.20/75.30

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