ICICI Direct As the rupee moved to a three-month high by appreciating almost 56 paise yesterday, we feel a possible consolidation can be seen near its October 2018 levels high•

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee appreciated almost 56 paise and moved to a three-month high. Weakness in the Dollar index and positive domestic market along with progress on the vaccine front were the main triggers • The Dollar index fell marginally and ended near 97 levels. The US economy added 4.8 millions jobs in June. A reducing jobless rate will provide some strength to the Dollar index.

Currency futures on NSE

As the rupee moved to a three-month high by appreciating almost 56 paise yesterday, we feel a possible consolidation can be seen near its October 2018 levels high • The dollar-rupee contract on the NSE was at 74.90 in the last session. The open interest rose almost 4.9% in the last session.

Intra-day strategy 

US$INR Jul futures contract (NSE) View: Bearish on US$INR
Sell US$ in the range of 75.10-75.15 Market Lot: US$1000
Target: 74.90/ 74.80 Stop Loss: 75.24
Support: 74.70/74.80 Resistance: 75.20/75.30

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First Published on Jul 3, 2020 09:37 am

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