Sell USDINR; target of 74.75 - 74.60: ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures bounced slightly on Wednesday from its strong support zone around 74.70 level. Overall, prices remained within the tight range of 74.70-75.05 for the last more than one week • The dollar index struggled near 27-month lows on Wednesday, after a record run for stocks on Wall Street added to pressure on the currency from simmering trade tensions between Washington and Beijing.

Currency futures on NSE

The dollar index has shed more than 5% since the end of June, as broad market risk sentiment has picked up and investors have bet on stronger economic recoveries outside the US • The dollar-rupee August contract on the NSE was at 74.90 in the last session. The open interest in the August series declined 0.31% while it increased 10.58% in the next series.

Intra-day strategy 

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