ICICI Direct's currency report on USDINR
Spot Currency
US$INR futures fell on Wednesday as the dollar index retreated and domestic equities recovered slightly, leading to rupee appreciation • The dollar index slid from a four-week high on Wednesday, led by losses against the euro after a news report said European Central Bank officials have become more confident in their outlook on the region’s recovery.
Currency futures on NSE
Rupee appreciation trend is expected to continue from current levels as weakening of dollar index against a basket of major currencies will further weigh on the pair • The dollar-rupee September contract on the NSE was at 73.73 in the last session. The open interest in the September series increased 0.35% while it also increased 4.68% in the next series.
Intra-day strategy
| US$INR Sep futures (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 73.76-73.78 | Market Lot: US $1000 |
| Targets: 73.55, 73.45 | Stop Loss: 73.99 |
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