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Feb 25, 2013, 09.15 AM IST | Source: Moneycontrol.com

Buy USDINR Feb Fut on decline: ICICIdirect.com

ICICIdirect.com has come out with its report on currency. The research firm expects the US dollar to garner buying support on declines against the INR. One can buy USDINR February Future on dips.

ICICIdirect.com has come out with its report on currency. The research firm expects the US dollar to garner buying support on declines against the INR. One can buy USDINR February Future on dips.

The rupee notched its biggest single-day gain in three weeks on Friday boosted by inflows delayed by a strike that curtailed trading over the last couple of sessions. However, sentiment remains jittery ahead of the crucial 2013/14 budget next week. Investors are focusing on the federal Budget, which will be keenly watched to see how the Finance Minister balances the tightrope walk between fiscal discipline and populist spending ahead of elections in 2014. The rupee ended at 54.17, up 0.50percent from the previous day’s close of 54.47.  The dollar index against six major currencies was at 81.46, up 0.10percent from its previous close.

In the currency futures market, the most traded dollar-rupee February contract on the NSE closed at 54.30. The February contract open interest was down 9.7percent from the previous day. The March contract open interest was up 12.50percent from the previous day. We expect the US dollar to garner buying support on declines against the INR. Utilise the lows in the US$/INR February contract to buy.

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To read the full report click here

READ MORE ON  ICICIdirect.com, currency, USDINR, rupee

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