Sell USDINR; target of 74.88 - 74.75: ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures remained slightly positive on Friday’s session amid a sharp correction in domestic equities. However, a weaker dollar against the basket of major currencies capped gains in the pair • The dollar index dropped on Friday to 93 level, falling for eight straight weeks, as investors looked to other currencies whose economies are currently outperforming the US in terms of managing the Covid-19 pandemic.

Currency futures on NSE

Growing faith in Europe’s rebound and concerns about the US response to the pandemic and politicians remain deadlocked over the next relief package will likely put further pressure on the dollar • The dollar-rupee August contract on the NSE was at 75.02 in the last session. Open interest in the August series fell 5.2% while it increased almost 16% in the next series.

Intra-day strategy 

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