ICICI Direct, The rupee managed to gain another 6 paise amid good flow in domestic equities and muted crude oil prices.
July 26, 2021 / 09:34 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee managed to gain another 6 paise amid good flow in domestic equities and muted crude oil prices. The rupee closed at 74.4 levels in the last session • The dollar continued to remain near its three month’s high as T note yields move higher along with sign of US manufacturing activity. However, gains were limited as equities curbed liquidity demand
Currency futures on NSE
The US$ INR has moved towards the lower band of consolidation. Looking at the closure in OTM strike Calls we feel a move towards 75 could be seen in coming days • The dollar-rupee July contract on the NSE was at Rs 74.47 in the last session. The open interest rose almost 1.5% for the July series.
Intra-day strategy
| US$ INR July futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 74.35-74.39 | Market Lot: US$ 1000 |
| Target: 74.50/ 74.60 | Stop Loss: 74.25 |
| Support: 74.20/74.40 | Resistance: 74.70/74.90 |
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