ICICI Direct, The rupee marginally recovered on the back of a fall in dollar index and US bond yields•
August 04, 2021 / 09:07 AM IST
ICICI Direct’s currency report on USDINR
The rupee marginally recovered on the back of a fall in dollar index and US bond yields • The dollar index gave away part of last Friday’s gains and went back to 92 levels at the beginning of the week. This week’s US jobs data is now keenly awaiting for the direction of the dollar index.
Currency futures on NSE
The rupee is expected to maintain its trading range between the level of 74.20 and 74.70 as further 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 74.44 in the last session. The open interest is almost unchanged for the August series.
|US$ INR August futures contract (NSE)||View: Bearish on US$ INR|
|Sell US$ INR in the range of 74.45-74.48||Market Lot: US$ 1000|
|Target: 74.10/ 74.20||Stop Loss: 74.61|
|Support: 74.10/74.20||Resistance: 74.60/74.72|