ICICI Direct, The rupee depreciated by 13 paise as the Dollar index is hovering around its support level of 91.80.
August 02, 2021 / 08:52 AM IST
ICICI Direct’s currency report on USDINR
The rupee depreciated by 13 paise as the Dollar index is hovering around its support level of 91.80. The rupee closed at 74.41 levels vs. 74.28 • Market participant disappointment at the FOMC event on Wednesday worsened the downbeat note in the dollar and pulled the dollar index further below 92 level for the first time since late June.
Currency futures on NSE
Looking at the aggressive addition in ATM Call and Put of US$ INR, we feel the pair should consolidate in the range of 74.20-74.70 levels • The dollar-rupee August contract on the NSE was at Rs 74.58 in the last session. The open interest rose almost 3.6% for the August series.
|US$ INR August futures contract (NSE)||View: Bearish on US$ INR|
|Sell US$ INR in the range of 74.55-74.57||Market Lot: US$ 1000|
|Target: 74.3/ 74.20||Stop Loss: 74.71|
|Support: 74.20/74.30||Resistance: 74.65/74.85|