ICICI Direct, After the announcement of RBI’s monetary policy, the rupee strengthened for a fifth straight session on Friday, closing 1 paise higher at 74.16•
August 09, 2021 / 09:17 AM IST
ICICI Direct’s currency report on USDINR
Spot Currency
After the announcement of RBI’s monetary policy, the rupee strengthened for a fifth straight session on Friday, closing 1 paise higher at 74.16 • The dollar climbed against major currencies, reaching four-month highs of 93, as market participants are expecting an earlier tapering of federal stimulus.
Currency futures on NSE
By looking at US$ INR options data, the US$ INR has significant open interest at ATM strike of 74.25, suggesting a range bound movement of 74.20 and 74.50 levels in coming sessions • The dollar-rupee August contract on the NSE was at Rs 74.28 in the last session. The open interest fell almost 0.60% for the August series.
Intra-day strategy
| US$ INR August futures contract (NSE) | View: Bullish on US$ INR |
| Buy US$ INR in the range of 74.28-74.32 | Market Lot: US$ 1000 |
| Target: 74.50/ 74.60 | Stop Loss: 74.18 |
| Support: 74.20/74.00 | Resistance: 74.50/74.65 |
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