ICICI Direct US$INR futures recovered further on Tuesday as the dollar index bounced against a basket of major currencies due to Brexit uncertainties coupled with weaker domestic equities that contributed to the gains in the pair•
ICICI Direct's currency report on USDINR
Spot Currency
US$INR futures recovered further on Tuesday as the dollar index bounced against a basket of major currencies due to Brexit uncertainties coupled with weaker domestic equities that contributed to the gains in the pair • The US dollar index climbed to a three-week peak on Tuesday, helped by losses in the sterling on renewed worries about Brexit as well as investor’s aversion to risk amid a sell-off on Wall Street.
Currency futures on NSE
US$INR September futures are trading near their strong resistance around 74.10 level. As long as it sustains below this level, appreciation in rupee is likely to resume • The dollar-rupee September contract on the NSE was at 73.99 in the last session. The open interest in the September series increased 2.24% while it also increased 5.8% in the next series.
Intra-day strategy
| US$INR Sep futures (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 74.04-74.06 | Market Lot: US $1000 |
| Targets: 73.85, 73.65 | Stop Loss: 74.25 |
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