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