ICICI Direct The dollar-rupee contract on the NSE was at 76.07 in the last session. The open interest declined almost 4.4% in the June series but increased 8.7% in the July series
ICICI Direct's currency report on USDINR
Spot Currency
The rupee moved below its ongoing range and breached 76 levels intraday before closing at 76.02, gaining almost 16 paise. The sharp recovery seen in equity markets also helped the rupee to gain. We expect the appreciation trend to continue towards 75.60 levels • The dollar index started the week on the defensive following four consecutive daily advances, with the upside momentum running out of steam in the vicinity of 97.90. EURUS$ is trading above its key hurdle of 1.12. Sustainability of these levels is likely to trigger further upsides in the currency pair
Currency futures on NSE
The dollar-rupee contract on the NSE was at 76.07 in the last session. The open interest declined almost 4.4% in the June series but increased 8.7% in the July series • The rupee failed to move above its major resistance levels of 76.30 and finally moved towards 76 levels once again. We believe only a move above these levels may change the directional move in the currency pair
Intra-day strategy
| US$INR Jun futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 76.14-76.16 | Market Lot: US$1000 |
| Target: 75.80/ 75.70 | Stop Loss: 76.27 |
| Support: 76.10/75.90 | Resistance: 76.27/76.45 |
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