ICICI Direct's currency report on USDINR
Spot Currency
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.
Intra-day strategy
| 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 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Read More
