ICICI Direct, The rupee managed to gain another 16 paise as it appreciated against the US dollar in the previous session due to positive domestic equities •
July 23, 2021 / 09:33 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee managed to gain another 16 paise as it appreciated against the US dollar in the previous session due to positive domestic equities • The dollar posted modest gains as the euro fell against the dollar post inflation data. However, gains in the dollar were limited due to weaker than expected US economic data, which pressured 10 years notes.
Currency futures on NSE
The US$ INR is facing hurdle near its Call base of 75 and twice has reverted in this series. Looking at the option activity, we feel the rupee would remain in a range • The dollar-rupee July contract on the NSE was at Rs 74.52 in the last session. The open interest fell almost 7.3% 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 74.65-74.67 | Market Lot: US$ 1000 |
| Target: 74.50/ 74.40 | Stop Loss: 74.78 |
| Support: 74.30/74.40 | Resistance: 74.90/75.00 |
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