Sell USDINR; target of 74.31: ICICI Direct

ICICI Direct's currency report

Spot Currency

US$INR futures remained flat on Wednesday as a slightly positive dollar index tried to lift prices. However, stronger domestic equities capped gains in the pair • The dollar index and the euro traded cautiously on Wednesday as investors refrained from taking risky bets a day ahead of a key speech by Federal Reserve Chairman Jerome Powell.

Currency futures on NSE

Amid growing speculation that Jerome Powell could unveil a softer policy stance towards inflation at the annual Jackson Hole retreat, investors are bracing for the Fed’s possible new steps to prop up the US economy • The dollar-rupee August contract on the NSE was at 74.28 in the last session. The open interest in the August series declined 11.68% while it increased 28.13% in the next series.

Intra-day strategy