ICICI Direct's currency report on USDINR
Spot Currency
US$INR futures fell on Friday as the dollar index remained under pressure against basket of major currencies. However, a sharp correction in domestic equities provided support to the pair. The U.S. dollar index remained weak on Friday as investors sought safety amid concerns about a resurgence in coronavirus cases in Europe and a lack of progress in U.S. fiscal stimulus negotiations.
Currency futures on NSE
Heightening U.S.-China tensions due to a Trump administration plan to ban WeChat and video-sharing app TikTok from U.S. app stores may put further pressure on the dollar. The dollar-rupee Sep contract on the NSE was at ₹ 73.48 in the last session. The open interest in the Sep series increased by 3.71%, while it also increased by 9.02% in the next series.
Intra-day strategy
| US$INR Sep futures (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 73.55-73.57 | Market Lot: US $1000 |
| Targets: 73.40, 73.25 | Stop Loss: 73.70 |
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