ICICI Direct Positive inflows continued to drive the rupee higher. It is moving towards its October 2018 levels.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee pared initial gains and ended only 2 paise down near 74.68. Strong equites, softening crude prices and a possible vaccine for Covid-19 are expected to provide a sentimental boost • The US dollar fell below 97 levels and ended near 96.65 as strong risk-on sentiment put the dollar under heavy pressure. We continue to feel the Dollar index would consolidate near 97 levels.
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 74.78 in the last session. The open interest rose almost 8.0% in the last session.
Intra-day strategy
| US$INR Jul futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 74.90-74.95 | Market Lot: US$1000 |
| Target: 74.80/ 74.70 | Stop Loss: 75.05 |
| Support: 74.70/74.80 | Resistance: 75.05/75.15 |
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