ICICI Direct US$INR futures fell sharply on Friday as the dollar index retraced its gains from a high of 93.24 till a low of 92.69.
Spot Currency
US$INR futures fell sharply on Friday as the dollar index retraced its gains from a high of 93.24 till a low of 92.69. However, a sharp correction in domestic equities provided some support to the pair • The US dollar index dipped on Friday, following a US Labour Department report that job growth slowed further in August, threatening the economy’s recovery from the Covid-19 pandemic.
Currency futures on NSE
The dollar’s downtrend is expected continue in the near term due to the outlook on the Fed’s monetary policy • The dollar-rupee September contract on the NSE was at 73.30 in the last session. The open interest in the September series increased 2.84% while it also increased by 3.45% in the next series.
Intra-day strategy
| US$INR Sep futures (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 73.41-73.43 | Market Lot: US $1000 |
| Targets: 73.16, 73.06 | Stop Loss: 73.67 |
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Read MoreFirst Published on Sep 7, 2020 10:40 am