ICICI Direct US$INR futures recovered on Monday largely on the back of a positive dollar index coupled with weakness in domestic equities that also provided some support to the pair.
ICICI Direct's currency report on USDINR
Spot Currency
US$INR futures recovered on Monday largely on the back of a positive dollar index coupled with weakness in domestic equities that also provided some support to the pair • The US dollar index rose on Monday against the pound sterling and the euro as Brexit talks plunged into a crisis following Britain’s threat to override its European Union divorce deal.
Currency futures on NSE
The overall trend remains bearish for the US dollar as near zero interest rates for the longer term in the US will keep pressure on the pair • The dollar-rupee September contract on the NSE was at 73.61 in the last session. The open interest in the September series declined 3.75% while it increased 5.67% in the next series.
Intra-day strategy
| US$INR Sep futures (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 73.67-73.69 | Market Lot: US $1000 |
| Targets: 73.45, 73.35 | Stop Loss: 73.92 |
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