Sell USDINR; target of 74.65 - 74.45 : ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

Rupee spot prices slipped 5 paise to end at 74.83 against the US dollar tracking muted domestic equities. A sharp rise in US bond yields helped the dollar to strengthen while EM currencies weakened marginally in the last session • Upbeat data from the US helped the dollar to remain firm for a fourth consecutive session on Wednesday, managing to keep alive the rebound from last week’s lows in the middle at 92.00 and gradually approaching monthly peaks and critical levels of 94.

Currency futures on NSE

Treasury yields pulled back ahead of record 10-year sale as stimulus hopes faltered in the US for a new Corona relief bill. The US treasury has auctioned a record $38 billion of 10-year notes • The dollar-rupee contract on the NSE was at 74.89 in the last session. Open interest in August series declined by 7.7% while it increased almost 9.5% in the next series.

Intra-day strategy 

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