ICICI Direct After the week-long bounce in equities, we have seen some notable weakness in the last few sessions as investors booked profits in risk assets.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee continued its range bound move despite high volatility in the domestic equity space. Despite high inflows in equities and a weakening dollar, the rupee was unable move below 75 levels indicating major support for the currency pair • The dollar witnessed some strength and moved above 97 levels once again ahead of the Fed policy on Wednesday. We believe a move above 98 levels post FOMC meeting would be a key trigger for the dollar index in the coming weeks.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.71 in the last session. The open interest remained flat for the June series while for the July series it increased marginally by 2.2% • After the week-long bounce in equities, we have seen some notable weakness in the last few sessions as investors booked profits in risk assets.
Intra-day strategy
| US$INR Jun futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.68-75.73 | Market Lot: US$1000 |
| Target: 75.45/ 75.35 | Stop Loss: 75.84 |
| Support | Resistance |
| Support: 75.45/75.30 | Resistance: 75.84/76.02 |
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