Sell USDINR; target of 75.10 - 74.90 : ICICI Direct

ICICI Direct's currency report on USDINR

Spot Currency

The rupee spot prices did not appreciate much and closed the day almost flat above 75 levels. However, futures saw a decline of almost 20 paisa in the last session amid buoyant equities. We believe that breach of 74.50-75.50 range will bring a sharp directional move in the currency pair • The Euro witnessed a sharp up move in July and is consolidating near highs. We do not se any major weakness. The current momentum is likely to continue after a brief consolidation.

Currency futures on NSE

As the Dollar index saw a sharp reversal from its two year’s low and started moving up. The rupee also depreciated. However, considering high Call base at 75.50 strike, current levels are crucial in the downtrend • The dollar-rupee contract on the NSE was at 75.30 in the last session. The open interest in August series increased 2.5% while in the next series it increased more than 4%.

Intra-day strategy 

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