ICICI Direct's currency report on USDINR
Spot Currency
After a sharp fall of 55 paise, the rupee managed to recover some loss and ended 25 paise higher. The rupee closed at 73.62 levels in the last session • The dollar extended Monday’s gain and moved to new three-months high on continued liquidity demand in stocks. GBP/US$ on Tuesday tumbled to a five and a half month low on dovish comments from BoE policymakers.
Currency futures on NSE
The US$INR has again reverted from its highest Call base of 75. We feel only a sustainable close above this level would open up more upsides. Until then, it is likely to remain in a range • The dollar-rupee July contract on the NSE was at Rs 74.71 in the last session. The open interest fell almost 8.7% for the July series.
Intra-day strategy
| US$INR July futures contract (NSE) | View: Bearish on US$INR |
| Sell US$INR in the range of 74.90-74.94 | Market Lot: US$1000 |
| Target: 74.80/ 74.70 | Stop Loss: 75.10 |
| Support: 74.70/74.50 | Resistance: 75.20/75.30 |
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