ICICI Direct US$INR futures bounced on Wednesday after four consecutive sessions of selling as the dollar index rebounded from its recent two years low of 91.72.
ICICI Direct's currency report on USDINR
Spot Currency
US$INR futures bounced on Wednesday after four consecutive sessions of selling as the dollar index rebounded from its recent two years low of 91.72. However, slightly positive domestic equities capped gains in the pair • The dollar index extended overnight gains on Wednesday and the euro fell, retreating from the key $1.20 level reached in the previous session while the Australian dollar lagged behind after the country confirmed that it is in a recession.
Currency futures on NSE
The dollar strengthened overnight, helped by positive US manufacturing data. However, investors will now be looking to see if the ECB will follow the US Federal Reserve in shifting its policy towards inflation, as it reviews its monetary policy next week • The dollar-rupee September contract on the NSE was at 73.35 in the last session. The open interest in the September series declined 1.00% while it increased 0.08% in the next series.
Intra-day strategy
| US$INR Sep futures (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 73.45-73.47 | Market Lot: US$1000 |
| Target: 73.16 | Stop Loss: 73.60 |
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