Buy USDINR; target of: 74.50 – 74.60: ICICI Direct

Currencies

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

Disclaimer: