ICICI Direct As the Dollar index fell to two years low and moved towards May 2018 low, we feel the rupee will appreciate and is likely to move towards 74.50 level •
ICICI Direct's currency report on USDINR
Spot Currency
The downtrend in the dollar index did not impact the rupee. It remained range bound below 75 levels. Weakness in equities also did not help in appreciation of the currency pair. However, we expect it to breach 74.50 levels in the days to come • The dollar intensified the decline and moved below 93 following the dovish note at the FOMC meeting on Wednesday, when the committee showed increasing concerns on the impact of the Coronavirus pandemic on the economy.
Currency futures on NSE
As the Dollar index fell to two years low and moved towards May 2018 low, we feel the rupee will appreciate and is likely to move towards 74.50 level • The dollar-rupee contract on the NSE was at 75.00 in the last session. The open interest increased 1.14% in the last session.
Intra-day strategy
| US$INR Aug futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.08-75.12 | Market Lot: US$1000 |
| Target: 74.80/ 74.60 | Stop Loss: 75..25 |
| Support: 74.80/74.60 | Resistance: 75.25/75.35 |
Read More