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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 12
11:09 2021

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

Spot Currency

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.

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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