ICICI Direct's currency report on USDINR
The rise in equities and last two session’s correction in the dollar index pulled the rupee into consolidation mode • The dollar has remained under some mild downside pressure so far. Last week, investors evaluated the likelihood that the US Federal Reserve will be more aggressive in stamping out high inflation if it persists while the pound weakened after the Bank of England made no changes to its monetary policy.
Currency futures on NSE
The US$INR continued to trade above 74 levels supported by a recent dollar index upside and rising crude oil prices. As long as the dollar trades above 91.20 level and oil prices remain elevated that may keep the rupee under pressures. The US$INR pair should move towards 74.6 levels in coming days • The dollar-rupee June contract on the NSE was at Rs 74.31 in the last session. The open interest fell 7.1% for the June series.
|US$INR July futures contract (NSE)||View: Bullish on US$INR|
|Buy US$INR in the range of 74.40-74.44||Market Lot: US$1000|
|Target: 74.70/ 74.80||Stop Loss: 74.27|
|Support: 74.30/74.10||Resistance: 74.70/74.90|
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