Sell USDINR; target of 73.70 - 73.60: ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures fell slightly on Monday on the back of a domestic equities rally along with a correction in the US dollar index after a strong weekly gain • The dollar index pulled back from a two-month high against a basket of currencies on Monday as US equities rallied after four straight days of declines ahead of a slew of economic data and political developments in the US.

Currency futures on NSE

US Commodity Futures Trading Commission's broad measure of dollar positioning showed speculators' net short position rose to $33.989 billion last week, up from $31.524 billion the week before and near its highest in almost a decade • The dollar-rupee October contract on the NSE was at 73.88 in the last session. The open interest in the October series increased 38.46%, while it also increased 19.15% in the next series.

Intra-day strategy