ICICI Direct's currency report on USDINR
Spot Currency
On the back of weakness in the Dollar Index and monthly expiry, the rupee gained 2 paise and ended near 74.8. We continue to feel the pair could trade in a range of 75.2 to 74.5 in the coming days • The Dollar index continued to stay under pressure below 94 levels. However, some volatility can be seen as advanced trade deficit came in at $70.64 billion in June.
Currency futures on NSE
Volatility could be seen in the rupee and other EM currencies due to FOMC meet. However, choppiness is likely to continue near 75 levels and the pair could slip towards 74.5 • The dollar-rupee contract on the NSE was at 74.95 in the last session. The open interest rose 40.6% in the last session.
Intra-day strategy
| US$INR Aug futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.00-75.05 | Market Lot: US$1000 |
| Target: 74.90/ 74.80 | Stop Loss: 75..15 |
| Support: 74.60/74.70 | Stop Loss: 75..15 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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