ICICI Direct's currency report on USDINR
Spot Currency
US$INR futures fell sharply on Friday after bouncing in the previous sessions from their strong support of 74.70 level. The appreciation in the rupee was largely supported by positive opening of domestic equities • The dollar index was on the defensive against most currencies on Friday after a rise in US jobless claims and a dip in treasury yields dampened the appeal of holding the greenback.
Currency futures on NSE
Concerns about the US economy, combined with an excess supply of dollars already in circulation due to the Fed’s massive quantitative easing, are likely to weigh on the US dollar in the near term • The dollar-rupee August contract on the NSE was at | 74.92 in the last session. The open interest in the August series declined 4.19% while it increased 0.46% in the next series.
Intra-day strategy
| US $INR Aug futures (NS E) | View: Bearish on US$INR |
| Sell US$INR in the range of 74.96-75.00 | Market Lot: US $1000 |
| Target: 74.81 | Stop Loss: 75.10 |
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