ICICI Direct The rupee further appreciated by almost 32 paise and ended near 74.63 levels as optimism over potential Covid-19 vaccine continued.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee further appreciated by almost 32 paise and ended near 74.63 levels as optimism over potential Covid-19 vaccine continued. Weakness in the Dollar index as well as positive domestic equities provided more boost • The Dollar index continued to remain near 97 levels following the release of mixed US labour reports. We feel the index could consolidate near this level.
Currency futures on NSE
Positive inflows continued to drive the rupee higher. It is moving towards its October 2018 levels. We feel the rupee will consolidate near 74.5 levels • The dollar-rupee contract on the NSE was at 74.84 in the last session. The open interest fell almost 1.0% in the last session.
Intra-day strategy
| US$INR Jul futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 74.95-75.00 | Market Lot: US$1000 |
| Target: 74.80/ 74.70 | Stop Loss: 75.1 |
| Support: 74.70/74.80 | Resistance: 75.20/75.30 |
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