ICICI Direct The dollar remains under pressure in the backdrop of risk appetite trends while most Asian currencies remain flat. We expect the rupee to witness some appreciation in the near term.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee remained quite range bound and ended marginally higher at 75.54 against the US$. The upcoming Fed outcome during the week is likely to provide further directional movement in currencies after witnessing some appreciation in the recent days against the US$ • The dollar remains under pressure in the backdrop of risk appetite trends, in turn, sustained by the reopening of the economy and recent better-than-expected results from key companies. The FOMC meeting on Wednesday is crucial to move above 98 levels once again.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.68 in the last session. The open interest declined almost 4.6% in the June series while it has increased almost 11% in the July series • The dollar remains under pressure in the backdrop of risk appetite trends while most Asian currencies remain flat. We expect the rupee to witness some appreciation in the near term.
Intra-day strategy
| US$INR Jun futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.73-75.77 | Market Lot: US$1000 |
| Target: 75.50/ 75.35 | Stop Loss: 75.92 |
| Support: 75.50/75.30 | Resistance: 75.92/76.05 |
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