Sell USDINR; target of 73.75 - 73.85: ICICI Direct

ICICI Direct US$INR futures traded flat on Friday as the dollar index remained steady against a basket of major currencies and domestic equities also consolidated, which kept the pair in a sideways trend•

ICICI Direct's currency report on USDINR

Spot Currency

US$INR futures traded flat on Friday as the dollar index remained steady against a basket of major currencies and domestic equities also consolidated, which kept the pair in a sideways trend • The dollar index, which tracks the greenback against other major currencies, was flat to slightly lower at 93.32. However, the index witnessed a second week of gains.

Currency futures on NSE

As the Brexit saga intensifies, the pound is expected to remain under pressure against the dollar, which should support the US$INR in the short term • The dollar-rupee September contract on the NSE was at 73.65 in the last session. The open interest in the September series declined 0.76%, while it increased 6.8% in the next series.

Intra-day strategy 

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