ICICI Direct US$INR futures rose further on Thursday largely tracking a bounce in the dollar index, which was trading around 93 level after making its recent two-year’s low of 91.72.
ICICI Direct's currency report on USDINR
Spot Currency
US$INR futures rose further on Thursday largely tracking a bounce in the dollar index, which was trading around 93 level after making its recent two-year’s low of 91.72 • The dollar index extended gains on Thursday as investors trimmed bets against the greenback and sold the euro on concerns that the European Central Bank was worried about its rise.
Currency futures on NSE
ECB policymakers reportedly warned that if the euro keeps appreciating it will weigh on exports, drag down prices and intensify pressure for more monetary stimulus. This would provide a short-term support to the dollar • The dollar-rupee September contract on the NSE was at 73.68 in the last session. The open interest in the September series declined 1.9% while it increased 6.15% in the next series.
Intra-day strategy
| US$INR Sep futures (NSE) | View: Bearish on US$INR |
| Buy US$INR in the range of 73.53-73.57 | Market Lot: US$1000 |
| Target: 73.90 | Stop Loss: 73.30 |
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