ICICI Direct, The rupee strengthened for a fourth straight session on Thursday, closing 2 paise higher at 74.16 amid a rally in equities •
August 06, 2021 / 08:50 AM IST
Spot Currency
The rupee strengthened for a fourth straight session on Thursday, closing 2 paise higher at 74.16 amid a rally in equities • The dollar index paused in the last session, a day after reverting from its support level of 91.8 and 92.0 on the back of hawkish comments by a top Federal Reserve official. Currently, market participants await new direction from Friday’s US jobs report.
Currency futures on NSE
Ahead of RBI’s monetary policy, the rupees remained subdued. However, looking at additions in ATM Call and Put strikes of US$ INR, it suggests the rupee is likely to consolidate below 74.5 levels • The dollar-rupee August contract on the NSE was at Rs 74.29 in the last session. The open interest remained unchanged in the August series.
Intra-day strategy
| US$ INR August futures contract (NSE) | View: Bullish on US$ INR |
| Sell US$ INR in the range of 74.26-74.30 | Market Lot: US$ 1000 |
| Target: 74.05/ 74.00 | Stop Loss: 74.43 |
| Support: 74.05/74.00 | Resistance: 74.40/74.51 |
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