ICICI Direct's currency report on USDINR
US$INR futures bounced slightly on Wednesday from its strong support zone around 74.70 level. Overall, prices remained within the tight range of 74.70-75.05 for the last more than one week • The dollar index struggled near 27-month lows on Wednesday, after a record run for stocks on Wall Street added to pressure on the currency from simmering trade tensions between Washington and Beijing.
Currency futures on NSE
The dollar index has shed more than 5% since the end of June, as broad market risk sentiment has picked up and investors have bet on stronger economic recoveries outside the US • The dollar-rupee August contract on the NSE was at 74.90 in the last session. The open interest in the August series declined 0.31% while it increased 10.58% in the next series.
|US$INR Aug futures (NSE)||View: Bearish on US$INR|
|Sell US$INR in the range of 74.92-74.94||Market Lot: US $1000|
|Target: 74.75/74.60||Stop Loss: 75.05|
|Supports: 74.74/74.57||Resistances: 75.03/75.15|