ICICI Direct The dollar-rupee contract on the NSE was at 75.66 in the last session. The open interest remained flat for the June series while for the July series it increased marginally by 4.2%.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee continued its range bound move despite high volatility in the domestic equity space ahead of the Fed meeting. It ended marginally higher at 75.58 against the dollar in the last session. Intermediate resistance for US$INR can be seen around 76 levels • The British pound moved above 1.2750 level on Wednesday, as the world awaits the Federal Reserve decision, which is expected to be almost no change, with perhaps the exception of a potential yield curve control measure.
Currency futures on NSE
The dollar-rupee contract on the NSE was at 75.66 in the last session. The open interest remained flat for the June series while for the July series it increased marginally by 4.2% • The solid sentiment in the risk associated complex keeps the dollar under heavy pressure, amid the ongoing progress surrounding the re-opening of the economy along with easing of lockdown restrictions.
Intra-day strategy
| US$INR Jun futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.73-75.78 | Market Lot: US$1000 |
| Target: 75.45/ 75.35 | Stop Loss: 75.88 |
| Support | Resistance |
| Support: 75.45/75.30 | Resistance: 75.88/76.05 |
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