ICICI Direct US$INR futures started yesterday’s trading with a strong rebound on the back of a sharp correction in domestic equities.
ICICI Direct's currency report on USDINR
Spot Currency
US$INR futures started yesterday’s trading with a strong rebound on the back of a sharp correction in domestic equities. However, weakness in the dollar continued to weigh on the pair • The dollar index was set for a fourth straight month of losses on Monday after a US Federal Reserve policy shift on inflation while the euro was poised to post a fourth month of gains, taking both currencies to levels last seen in 2018.
Currency futures on NSE
Investors are adjusting to Federal Reserve Chairman Jerome Powell’s speech in which he outlined an accommodative policy change that is expected to result in inflation moving slightly higher and interest rates staying lower for longer • The dollar-rupee September contract on the NSE was at 73.44 in the last session. The open interest in the September series declined 10.5% while it increased 0.98% in the next series.
Intra-day strategy
| US$INR Sep futures (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 73.58-73.62 | Market Lot: US $1000 |
| Target: 73.15 | S top Loss: 73.92 |
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