ICICI Direct's currency report on USDINR
The rupee continued to appreciate on the back of choppy crude oil prices and buying in equities from lower levels • The Dollar index moved to a fresh one week low as it failed to surpass its three month’s high. Dovish comments from Fed and worsening of the pandemic in the US may lead to tighter restrictions.
Currency futures on NSE
The US$INR faced a hurdle at higher levels as new contract started, OTM Call writing are increasing. We feel a leg towards 74.2 levels should be seen in coming days • The dollar-rupee August contract on the NSE was at Rs 74.62 in the last session. The open interest rose almost 34% for the August series.
|US$INR August futures contract (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 74.60-74.64||Market Lot: US$1000|
|Target: 74.40/ 74.30||Stop Loss: 74.75|
|Support: 74.20/74.40||Resistance: 74.90/75.10|