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Sell USDINR; target of: 74.40 – 74.30: ICICI Direct

Sell USDINR; target of: 74.40 – 74.30: ICICI Direct
July 29
15:09 2021

ICICI Direct, The rupee continued to appreciate on the back of choppy crude oil prices and buying in equities from lower levels •

July 29, 2021 / 09:26 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee continued to appreciate on the back of choppy crude oil prices and buying in equities from lower levels • The Dollar index moved to a fresh one week low as it failed to surpass its three month’s high. Dovish comments from Fed and worsening of the pandemic in the US may lead to tighter restrictions.

Currency futures on NSE

The US$ INR faced a hurdle at higher levels as new contract started, OTM Call writing are increasing. We feel a leg towards 74.2 levels should be seen in coming days • The dollar-rupee August contract on the NSE was at Rs 74.62 in the last session. The open interest rose almost 34% for the August series.

Intra-day strategy 

US$ INR August futures contract (NSE)View: Bearish on US$ INR
Sell US$ INR in the range of 74.60-74.64Market Lot: US$ 1000
Target: 74.40/ 74.30Stop Loss: 74.75
Support: 74.20/74.40Resistance: 74.90/75.10

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