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

Sell USDINR; target of: 74.70 – 74.50: ICICI Direct
July 28
11:08 2021

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 74.80-74.84Market Lot: US$ 1000
Target: 74.70/ 74.50Stop Loss: 74.95
 Support: 74.20/74.40Resistance: 74.90/75.10

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