ICICI Direct's currency report on USDINR
The rupee continued to find strength despite weak equity markets and ended the day at 75.58, gaining more than 6 paise. After a positive opening, the rupee spent the rest of the session in a narrow range of 75.50-75.60 • The dollar index failed to sustain above 97.50 levels and lost some ground. It weakened against all its Group-of-10 peers after a coronavirus vaccine developed by a Chinese firm received approval for military use and a stronger-than-expected CNY fixing weighed on demand for haven assets.
Currency futures on NSE
The rupee has been finding support near 75.35-75.40 levels (spot). We expect it to witness a fresh up move from these levels. Only a close below it may trigger further downsides in the currency pair • The dollar-rupee contract on the NSE was at 75.69 in the last session. The open interest increased almost 2.5% in the July series.
|US$INR Jul futures contract (NSE)||View: Bullish on US$INR|
|Buy US$ in the range of 75.58-75.62||Market Lot: US$1000|
|Target: 75.85/ 76.05||Stop Loss: 75.45|
|Support: 75.45/75.30||Resistance: 75.85/76.05|