ICICI Direct The rupee found support near 75.50 and witnessed some up move amid weakness in equity markets.
ICICI Direct's currency report on USDINR
Spot Currency
After a weak opening, the rupee strengthened and gained 6 paisa during the day to close at 75.66. Recovery was also seen in the equity space also, which closed flat after opening almost 1% down due to weak global cues • The dollar index found some strength against the rest of the currencies as equity markets tuned weak. The GBP dropped further as markets suffered a classic case of 'risk off' nerves. Gold also moved lower after making multi-month highs on the back of a stronger dollar.
Currency futures on NSE
The rupee found support near 75.50 and witnessed some up move amid weakness in equity markets. We believe immediate support for the rupee is placed around 75.40 while the rupee should be bought on declines • The dollar-rupee contract on the NSE was at 75.65 in the last session. The open interest declined almost 8% in the June series but increased 27% in the July series ahead of the settlement.
Intra-day strategy
| US$INR Jun futures contract (NSE) | View: Bullish on US$INR |
| Buy US$ in the range of 75.58-75.60 | Market Lot: US$1000 |
| Target: 75.90/ 76.05 | Stop Loss: 75.45 |
| Support: 75.45/75.30 | Resistance: 75.90/76.05 |
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