ICICI Direct's currency report on USDINR
Spot Currency
After the announcement of RBI’s monetary policy, the rupee strengthened for a fifth straight session on Friday, closing 1 paise higher at 74.16 • The dollar climbed against major currencies, reaching four-month highs of 93, as market participants are expecting an earlier tapering of federal stimulus.
Currency futures on NSE
By looking at US$INR options data, the US$INR has significant open interest at ATM strike of 74.25, suggesting a range bound movement of 74.20 and 74.50 levels in coming sessions • The dollar-rupee August contract on the NSE was at Rs 74.28 in the last session. The open interest fell almost 0.60% for the August series.
Intra-day strategy
| US$INR August futures contract (NSE) | View: Bullish on US$INR |
| Buy US$INR in the range of 74.28-74.32 | Market Lot: US$1000 |
| Target: 74.50/ 74.60 | Stop Loss: 74.18 |
| Support: 74.20/74.00 | Resistance: 74.50/74.65 |
Read More