ICICI Direct As the Dollar index saw a sharp reversal from its two year’s low and started moving up.
ICICI Direct's currency report on USDINR
The rupee spot prices did not appreciate much and closed the day almost flat above 75 levels. However, futures saw a decline of almost 20 paisa in the last session amid buoyant equities. We believe that breach of 74.50-75.50 range will bring a sharp directional move in the currency pair • The Euro witnessed a sharp up move in July and is consolidating near highs. We do not se any major weakness. The current momentum is likely to continue after a brief consolidation.
Currency futures on NSE
As the Dollar index saw a sharp reversal from its two year’s low and started moving up. The rupee also depreciated. However, considering high Call base at 75.50 strike, current levels are crucial in the downtrend • The dollar-rupee contract on the NSE was at 75.30 in the last session. The open interest in August series increased 2.5% while in the next series it increased more than 4%.
|US$INR Aug futures contract (NSE)||View: Bearish on US$INR|
|Sell US$ in the range of 75.33-75.37||Market Lot: US$1000|
|Target: 75.10/ 74.90||Stop Loss: 75.48|
|Support: 75.10/74.90||Resistance: 75.48/75.65|