Sell USDINR; target of: 74.3 – 74.20 : ICICI Direct


ICICI Direct, The rupee depreciated by 13 paise as the Dollar index is hovering around its support level of 91.80.

August 03, 2021 / 09:13 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee opened the week mostly unchanged from its previous day’s close, as the dollar index was hovering near 92 levels • The dollar index gave away part of last Friday’s gains and went back to 92 levels at the beginning of the week • The fall in the short-term as well as long-term US bond yields have supported a sluggish weakening trend in the currency pair.

Currency futures on NSE

The rupee is expected to maintain its trading range between the level of 74.20 and 74.70 as aggressive additions were seen in ATM Call, Put strikes of US$ INR, which indicates consolidation around these levels • The dollar-rupee August contract on the NSE was at Rs 74.55 in the last session. The open interest is unchanged 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 74.55-74.60 Market Lot: US$ 1000
Target: 74.3/ 74.20 Stop Loss: 74.72
Support: 74.20/74.30 Resistance: 74.70/74.85