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Buy USDINR; target of: 74.70 – 74.80: ICICI Direct

Buy USDINR; target of: 74.70 – 74.80: ICICI Direct
August 11
09:08 2021

ICICI Direct, The rupee extended losses for a second straight session on Tuesday and fell by 16 paise to end at 74.42 on the back of a strong recovery in the Dollar index•

August 11, 2021 / 08:46 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee extended losses for a second straight session on Tuesday and fell by 16 paise to end at 74.42 on the back of a strong recovery in the Dollar index • The dollar steadied in early trading on Wednesday, trading near its four month highs of 93 levels, maintaining its resilience over growing expectations that the US Federal Reserve could begin asset tapering sooner than expected.

Currency futures on NSE

On the options front, the US$ INR has significant open interest at 74.25 and 74.50 Put strike. It suggests that US$ INR is likely to consolidate above 74.50 levels. However, positive domestic equities will limit the depreciation of the rupee • The dollar-rupee August contract on the NSE was at Rs 74.51 in the last session. The open interest fell almost 2% 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 74.48-74.52Market Lot: US$ 1000
Target: 74.70/ 74.80Stop Loss: 74.38
Support: 74.40/74.20Resistance: 74.75/74.90

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