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Home » News » Brokerage Recos - Currencies

Feb 17, 2017, 10.45 AM | Source: Moneycontrol.com

Buy USDINR; target of 67.30 - 67.50: ICICI Direct

ICICI Direct expects US dollar to gain support at lower levels. Utilise downsides in the dollar to go long on the US$INR pair. Buy February Futures with a target of 67.30 - 67.50.

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Buy USDINR; target of 67.30 - 67.50: ICICI Direct

ICICI Direct expects US dollar to gain support at lower levels. Utilise downsides in the dollar to go long on the US$INR pair. Buy February Futures with a target of 67.30 - 67.50.

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, ICICIdirect.com |

ICICI Direct's report on currency

Debt market  
Government bonds ended higher for a second session, on value buying and repurchase of securities • The benchmark 6.97% 2026 bond yield fell to 6.85% from 6.86% in the previous day • Yield on the US 10-year fell to 2.45% from 2.49% in the previous day as strong US economic data and rate hike sentiments continued to keep yields in a narrow range  

Forex (US$/INR)  
The rupee fell to a one-week low against the US$, as banks stepped up  purchases of the US currency while a rise in March US interest rate hike  probability to almost 44% from 28% is weighing on the rupee  • The US$ fell against major currencies undermined by an uptick in recent  US economic data. US January housing starts and build permits data was higher-than-expected.  US$JPY pair continued to see profit booking  as a rise in JGB yields could make BoJ step down purchases supporting  the Japanese Yen  

US$/INR derivatives strategy  
In the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 67.11. The February contract open interest fell 4.96% from the previous day • March contract open interest rose 9.02% from previous day • We expect the US dollar to gain support at lower levels. Utilise downsides in the dollar to go long on the US$INR pair   

Intra-day strategy
US$INR February futures contract (NSE) View: Bullish on US$INR
Buy US$INR in the range of 66.95-67.05 Market Lot: US$1000
Target: 67.30 / 67.50 Stop Loss: 66.85
Support Resistance
S1/ S2: 67.00 / 66.80 R1/R2:67.35 /67.55







Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Buy USDINR; target of 67.30 - 67.50: ICICI Direct

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