Buy USDINR; target of: 74.70 – 74.80: ICICI Direct
ICICI Direct, The rupee extended losses for a third straight session on Wednesday and fell by 1 paise to end at 74.42 amid weakness in most Asian currencies •
August 12, 2021 / 09:16 AM IST
ICICI Direct’s currency report on USDINR
The rupee extended losses for a third straight session on Wednesday and fell by 1 paise to end at 74.42 amid weakness in most Asian currencies • The dollar held near a four month peak against major currencies on Thursday after retreating overnight as a cooling in consumer inflation tampered bets for an earlier tightening of US monetary policy.
Currency futures on NSE
The rupee is expected to maintain its trading range between the level of 74.40 and 74.60 as aggressive additions were seen in ATM 74.50 Call, Put strikes of US$ INR, which indicates consolidation around these levels • The dollar-rupee August contract on the NSE was at Rs 74.54 in the last session. The open interest rose almost 0.53% for the August series.
|US$ INR August futures contract (NSE)||View: Bullish on US$ INR|
|Buy US$ INR in the range of 74.48-74.52||Market Lot: US$ 1000|
|Target: 74.70/ 74.80||Stop Loss: 74.38|
|Support: 74.40/74.20||Resistance: 74.75/74.90|