Sell USDINR; target of: 74.70 – 74.50: ICICI Direct
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
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
|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|