ICICI Direct The rupee failed to move above its major resistance levels of 76.30 and finally moved towards 75.50 in the last couple of sessions.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee strengthened amid continued recovery and returned to the strength shown by it in early June. The continued recovery in the equity markets also helped the rupee to remain firm against the US$ • The dollar index remained weak and moved below 97 levels once again triggering appreciation in Emerging market currencies. EURUS$ is also 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 rupee failed to move above its major resistance levels of 76.30 and finally moved towards 75.50 in the last couple of sessions. Immediate support for the rupee is placed around 75.30 and a reversal can be expected • The dollar-rupee contract on the NSE was at 75.56 in the last session. The open interest declined almost 12% in the June series it increased by 18% in the July series ahead of settlement.
Intra-day strategy
| US$INR Jun futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.84-75.86 | Market Lot: US$1000 |
| Target: 75.50/ 75.30 | Stop Loss: 75.98 |
| Support | Resistance |
| Support: 75.50/75.30 | Resistance: 75.98/76.15 |
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