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Sell USDINR; target of: 74.10 – 74.00 : ICICI Direct

Sell USDINR; target of: 74.10 – 74.00 : ICICI Direct
August 05
11:08 2021

ICICI Direct, The rupee strengthened for a third straight session on Wednesday, closing 10 paise higher at 74.18 amid a rally in equities•

August 05, 2021 / 09:20 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee strengthened for a third straight session on Wednesday, closing 10 paise higher at 74.18 amid a rally in equities • After volatile price action in the dollar index and US yields, the dollar index reverted from its support level of 91.80.-92.00 on the back of an unexpected weak private employment report.

Currency futures on NSE

The rupee is likely to trade between the level of 74.20 and 74.70 ahead of RBI’s monetary policy 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 74.34 in the last session. The open interest was up by 5% 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 74.34-74.38Market Lot: US$ 1000
Target: 74.10/ 74.00Stop Loss: 74.51
Support: 74.10/74.00Resistance: 74.40/74.51

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