ICICI Direct, The rupee traded in a tight range in the previous session as no major triggers were there.
July 27, 2021 / 08:36 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
The rupee traded in a tight range in the previous session as no major triggers were there. Towards the end it manged to close 2 paise higher • The EUR/US$ on Monday rallied moderately as higher German bund yields strengthened the euro’s interest rate differentials that kept the dollar under pressure marginally.
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 74.45 in the last session. The open interest fell almost 5.1% 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 74.30-74.32 | Market Lot: US$ 1000 |
Target: 74.50/ 74.60 | Stop Loss: 74.20 |
Support: 74.20/74.40 | Resistance: 74.70/74.90 |
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