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Buy USDINR; target of: 74.65 - 74.75: ICICI Direct

ICICI Direct, For a major part of the day the rupee lacked momentum and ended almost flat at 74.19 levels•

June 29, 2021 / 09:37 AM IST

ICICI Direct's currency report on USDINR

Spot Currency

For a major part of the day the rupee lacked momentum and ended almost flat at 74.19 levels • Hawkish Fed comments on Monday helped the Dollar index to move slightly higher while dovish ECB comments undercut the EURUS$. We feel the Dollar index should find support near 91.5 levels.

Currency futures on NSE

Weakness in the rupee should continue as crude oil prices moved to 2018 highs. Huge writing positions were formed even in OTM Puts for the July series, which should provide support to the US$INR pair • The dollar-rupee June contract on the NSE was at Rs 74.43 in the last session. The open interest rose 26.3% for the July series.

Close

Intra-day strategy 

US$INR July futures contract (NSE)View: Bullish on US$INR
Buy US$INR in the range of 74.42-74.44Market Lot: US$1000
Target: 74.65/ 74.75Stop Loss: 74.29
Support: 74.30/74.10Resistance: 74.70/74.90

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first published: Jun 29, 2021 09:37 am
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