ICICI Direct US$INR futures traded flat to positive on Tuesday as the dollar index remained steady against a basket of major currencies.
ICICI Direct's currency report on USDINR
US$INR futures traded flat to positive on Tuesday as the dollar index remained steady against a basket of major currencies. However, stronger domestic equities capped gains in the pair • The dollar index dropped earlier on expectations the Federal Reserve will maintain its downbeat stance on the US economy as it grapples with the pandemic, and keep US interest rates near zero for some time.
Currency futures on NSE
The Fed will begin a two-day meeting. Markets expect the US central bank to affirm its current zero-interest-rate policy over the next three years, which should keep further pressure on the dollar • The dollar-rupee September contract on the NSE was at 73.71 in the last session. The open interest in the September series increased 3.26% while it also increased by 10.15% in the next series.
|US$INR Sep futures (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 73.74-73.76||Market Lot: US $1000|
|Targets: 73.55, 73.45||Stop Loss: 73.95|