ICICI Direct's currency report on USDINR
Due to muted domestic equites and concerns over geopolitical developments, the rupee ended flat given its morning gains. However, we continue to feel 75 level could be a possible hurdle for the rupee • The weakness in the Dollar index continued as it slipped towards its two years low on news of another round of stimulus to boost the US economy.
Outlook
Profit booking is clearly visible in the US$INR at higher levels. Looking at the declining Dollar index, we feel EM currencies would appreciate • The dollar-rupee contract on the NSE was at 74.82 in the last session. The open interest fell 8.5% in the last session
Intra-day strategy
| US$INR Jul futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 74.95-75.00 | Market Lot: US$1000 |
| Target: 74.80/ 74.70 | Stop Loss: 75..10 |
| Support: 74.60/74.70 | R1/R2:68.25/68.45 |
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