Sell USDINR; target of 74.87 - 74.81: ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

The rupee appreciated slightly on Monday supported largely by domestic equities coupled with weaker dollar against the basket of major currencies • The dollar index edged lower below 93 level. Other currencies inched higher as investors were relieved by a delay in a review of the USChina trade pact, which left the deal intact.

Currency futures on NSE

Uncertainty ahead of the release of US Federal Reserve’s last policy meeting minutes along with delay in a review of the US-China trade deal is likely to keep pressure on the dollar • The dollar-rupee August contract on the NSE was at | 74.94 in the last session. The open interest in August series increased 0.29% while it also increased 0.32% in the next series.

Intra-day strategy 

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