The rupee started the week on a positive note and appreciated by 11 paise to close below 75. A choppy Dollar index and positive domestic equities continued to drive the rupee • Choppiness in the Dollar index continued but it bounced from its bottom and moved towards 96 levels. Selling was seen in EUR/US$, which added to US dollar buying.
Currency futures on NSEThe rupee continued to strengthen against the dollar. It has moved below 75 levels. We feel the rupee could move towards 74.5 levels in the coming days • The dollar-rupee contract on the NSE was at 74.84 in the last session. The open interest rose 11.4% in the last session.
Intra-day strategy| US$INR Jul futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.05-75.10 | Market Lot: US$1000 |
| Target: 74.90/ 74.80 | Stop Loss: 75.20 |
| Support: 74.70/74.80 | Resistance: 75.20/75.30 |
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