ICICI Direct The rupee spot prices moved below 75 levels once again while futures saw declines of almost 30 paisa ahead of monetary policy.
ICICI Direct's currency report on USDINR
Spot Currency
The rupee spot prices moved below 75 levels once again while futures saw declines of almost 30 paisa ahead of monetary policy. Positive equities also helped currency to remain buoyant. We expect rupee to move towards 74.50 levels • The dollar index resumed its decline after a bounce for couple of days. It has moved below 93 levels once again after testing levels of 94 on Monday. Meanwhile Euro continued to witness strength and is currently around 1.19 levels.
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
| US$INR Aug futures contract (NSE) | View: Bearish on US$INR |
| Sell US$ in the range of 75.13-75.17 | Market Lot: US$1000 |
| Target: 74.80/ 74.60 | Stop Loss: 75.28 |
| Support: 74.80/74.60 | Resistance: 75.28/75.38 |
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