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Home » News » Brokerage Recos - Currencies

Jan 13, 2017, 10.59 AM | Source: Moneycontrol.com

Buy USDINR; target of 68.40 - 68.60: ICICI Direct

ICICI Direct expects USD to find supports at lower levels. Utilise downsides in the dollar to go long on the USDINR. Buy January Futures with a target of 68.40 - 68.60.

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Buy USDINR; target of 68.40 - 68.60: ICICI Direct

ICICI Direct expects USD to find supports at lower levels. Utilise downsides in the dollar to go long on the USDINR. Buy January Futures with a target of 68.40 - 68.60.

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, ICICIdirect.com |

ICICI Direct's report on currency

Debt market  
Government bonds rose, as investors stepped up purchases on hopes retail inflation may fall further in December  • The benchmark 6.97% 2026 bond yield fell to 6.37% from 6.39% the  previous day • Yield on the US 10-year yield fell to 2.36% from 2.37% as traders were  disappointed by President-elect Dona ld Trump’s speech in the absence of mention of his trade and economic stimulus policies.  

Forex (US$/INR)  
The rupee rose against the dollar, tracking gains in most currencies as  the US$ weakened after US President-elect Donald Trump’s speech did  not reveal much about his future trade and fiscal policies  • The US dollar index fell against major currencies with US$JPY seeing a  sharp fall as traders preferred to book profit in Trump’s win wagers. However, most traders still remain bullish and await the President’s  inaugural speech for cues on the US$.

US$/INR derivatives strategy  
In the currency futures market, the most traded dollar-rupee January contract on the NSE ended at 68.21. The January contract open interest  fell by 4.09% from the previous day  • February contract open interest rose 3.43% from previous day  • We expect the US$ to find supports at lower levels. Utilise downsides in the dollar to go long on the US$INR pair. 

Intra-day strategy
US$INR January futures contract (NSE) View: Bullish on US$INR
Buy US$INR in the range of 68.10-68.20 Market Lot: US$1000
Target: 68.40/ 68.60 Stop Loss: 68.00
Support Resistance
S1/ S2: 68.10 / 67.90 R1/R2:68.50/68.70







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 68.40 - 68.60: ICICI Direct

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