ICICI Direct, For a second day in a row, the intraday volatility in the rupee declined. It ended almost flat for the day.
July 28, 2021 / 08:39 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
For a second day in a row, the intraday volatility in the rupee declined. It ended almost flat for the day. However, due to a sharp fall in domestic equities, it ended 4 paise lower at 74.46 • Due to mixed economic data, the Dollar index remained almost flat and consolidated below its three month’s high. However, due to a sudden rise in Euro, the dollar is facing some hurdle to surpass its three month’s high levels.
Currency futures on NSE
The US$ INR is likely to remain volatile due to July series settlement today. However, the August series is starting with huge premiums and selling is expected in August contract • The dollar-rupee July contract on the NSE was at Rs 74.48 in the last session. The open interest fell almost 27.1% for the July series
Intra-day strategy
| US$ INR August futures contract (NSE) | View: Bearish on US$ INR |
| Sell US$ INR in the range of 74.80-74.84 | Market Lot: US$ 1000 |
| Target: 74.70/ 74.50 | Stop Loss: 74.95 |
| Support: 74.20/74.40 | Resistance: 74.90/75.10 |
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