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
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.
|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|