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Buy USDINR; target of: 74.55 - 74.65: ICICI Direct

ICICI Direct, The rupee has been trading in a tight range for a couple of sessions.

June 30, 2021 / 08:59 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

The rupee has been trading in a tight range for a couple of sessions. Yesterday, the rupee depreciated by 3 paise against the dollar as weakness in domestic equities continued for a second day • The dollar index witnessed safe haven buying as more countries are expected to impose fresh lockdown post spread in the Delta virus. Dollar index is likely to move towards 92.5 levels in coming weeks.

Currency futures on NSE

Overall volatility in the rupee is declining as no major triggers are seen in the Dollar index. However, we feel the rupee is near its support of 74.25 and a move towards 74.6 is expected • The dollar-rupee June contract on the NSE was at Rs 74.50 in the last session. The open interest fell 2.7% for the July series.

Intra-day strategy 

US$INR July futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 74.40-74.43Market Lot: US$1000
Target: 74.55/ 74.65Stop Loss: 74.30
Support: 74.30/74.10Resistance: 74.70/74.90

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first published: Jun 30, 2021 08:59 am