ICICI Direct's currency report
US$INR futures remained flat on Wednesday as a slightly positive dollar index tried to lift prices. However, stronger domestic equities capped gains in the pair • The dollar index and the euro traded cautiously on Wednesday as investors refrained from taking risky bets a day ahead of a key speech by Federal Reserve Chairman Jerome Powell.
Currency futures on NSE
Amid growing speculation that Jerome Powell could unveil a softer policy stance towards inflation at the annual Jackson Hole retreat, investors are bracing for the Fed’s possible new steps to prop up the US economy • The dollar-rupee August contract on the NSE was at 74.28 in the last session. The open interest in the August series declined 11.68% while it increased 28.13% in the next series.
|US$INR Sep futures (NS E)||View: Bearish on US$INR|
|Sell US$INR in the range of 74.53.-74.55||Market Lot: US $1000|
|Target: 74.31||Stop Loss: 74.70|